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
331,692 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
1996 1995 1994 1993 1992
$ 1,206 $ 1,174 $ 794 $ (193) $ 562
(43) (42) (41) (38) (39)
(1) (3) (12) (23) (23)
- - (11) - -
1,162 1,129 730 (254) 500
- (1,646) - 67 (818)
- - - - (764)
$ 1,162 $ (517) $ 730 $ (187) $ (1,082)
324,462 322,087 316,275 300,141 283,272
8,234 9,605 9,003 4,062 8,229
332,696 331,692 325,278 304,203 291,501
$ 3.49 $ 3.40 $ 2.24 $ (.83) $ 1.72
- (4.96) - .22 (2.81)
- - - - (2.62)
$ 3.49 $ (1.56) $ 2.24 $ (.61) $ (3.71)
$ 1,206 $ 1,174 $ 794 $ (193) $ 562
- - - (38) (39)
(1) (3) (12) (23) (23)
- - (11) - -
(3) (9) (7) - (8)
3 4 3 - 4
1,205 1,166 767 (254) 496
- (1,646) - 67 (818)
- - - - (764)
$ 1,205 $ (480) $ 767 $ (187) $ (1,086)
324,462 322,087 316,275 300,141 283,272
8,641 9,687 9,003 4,062 8,394
2,643 2,643 2,643 - 2,643
27,981 28,663 29,310 - 29,856
363,727 363,080 357,231 304,203 324,165
$ 3.31 $ 3.21 $ 2.15 $ (.83) $ 1.53
- (4.96) - .22 (2.81)
- - - - (2.62)
$ 3.31 $ (1.75) $ 2.15 $ (.61) $ (3.90)