Computation of Net Income Per Common Share
(Dollars in millions, except per-share data; shares in thousands)_____________
I. Primary Net Income (Loss) Per Common Share
Income (loss) from continuing operations
Accrued dividends on ESOP preferred stock, net
Accrued dividends on redeemable preferred stock
Call premium on redeemable preferred stock
Adjusted income (loss) from continuing operations
Discontinued operations
Change in accounting principles
Adjusted net income (loss)
Average common shares outstanding during the period
Common shares issuable with respect to common
stock equivalents for stock options, incentive and
exchangeable shares
Adjusted average shares outstanding for the period
Primary earnings (loss) per share:
Continuing operations
Discontinued operations
Change in accounting principles
Primary earnings (loss) per share
II.Fully Diluted Net Income (Loss) Per Common Share
Income (loss) from continuing operations
Accrued dividends on ESOP preferred stock, net
Accrued dividends on redeemable preferred stock
Call premium on redeemable preferred stock
ESOP expense adjustment, net of tax
Interest on convertible debt, net of tax
Adjusted income (loss) from continuing operations
Discontinued operations
Change in accounting principles
Adjusted net income (loss)
Average common shares outstanding during the period
Common shares issuable with respect to:
Stock options, incentive and exchangeable shares
Convertible debt
ESOP preferred stock
Adjusted average shares outstanding for the period
Fully diluted earnings (loss) per share:
Continuing operations
Discontinued operations
Change in accounting principles
Fully diluted earnings (loss) per share *
* Fully diluted discontinued operations net loss per share for the year
ended December 31, 1995 is computed by dividing adjusted net loss of
$(1,646) by the adjusted average shares outstanding for the period of
110,563 used in the computation of primary net income per common share.
This computation is necessitated by the anti-dilutive nature of convertible
debt and ESOP preferred stock which would otherwise decrease fully diluted
net loss per share for this period.
EXHIBIT 11
1995 1994 1993 1992 1991
$ 1,174 $ 794 $ (193) $ 562 $ 436
(42) (41) (38) (39) (60)
(3) (12) (23) (23) (23)
- (11) - - -
1,129 730 (254) 500 353
(1,646) - 67 (818) 18
- - - (764) -
$ (517) $ 730 $ (187) $ (1,082) $ 371
107,362 105,425 100,047 94,424 92,447
3,201 3,001 1,354 1,484 2,479
110,563 108,426 101,401 95,908 94,926
$ 10.20 $ 6.73 $ (2.50) $ 5.21 $ 3.72
(14.89) - .66 (8.53) .19
- - - (7.97) -
$ (4.69) $ 6.73 $ (1.84) $ (11.29) $ 3.91
$ 1,174 $ 794 $ (193) $ 562 $ 436
- - (38) (39) -
(3) (12) (23) (23) (23)
- (11) - - -
(9) (7) - - (25)
4 3 - - 1
1,166 767 (254) 500 389
(1,646) - 67 (818) 18
- - - (764) -
$ (480) $ 767 $ (187) $ (1,082) $ 407
107,362 105,425 100,047 94,424 92,447
3,229 3,001 1,354 1,484 2,791
881 881 - - 217
9,554 9,770 - - 10,007
121,026 119,077 101,401 95,908 105,462
$ 9.63 $ 6.44 $ (2.50) $ 5.21 $ 3.69
(14.89) - .66 (8.53) .17
- - - (7.97) -
$ (5.26) $ 6.44 $ (1.84) $ (11.29) $ 3.86