Computation of Net Income Per Common Share
(Dollars in millions, except per-share data; shares in thousands)_____________
I. Basic 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
Basic earnings (loss) per share:
Continuing operations
Discontinued operations
Change in accounting principles
Basic earnings (loss) per share
II. 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
Diluted earnings (loss) per share:
Continuing operations
Discontinued operations
Change in accounting principles
Diluted earnings (loss) per share
EXHIBIT 11
1997 1996 1995 1994 1993
$ 1,452 $ 1,206 $ 1,174 $ 794 $ (193)
(44) (43) (42) (41) (38)
- (1) (3) (12) (23)
- - - (11) -
1,408 1,162 1,129 730 (254)
- - (1,646) - 67
- - - - -
$ 1,408 $ 1,162 $ (517) $ 730 $ (187)
324,804 324,462 322,087 316,275 300,141
1,882 2,732 3,927 5,080 4,062
326,686 327,194 326,014 321,355 304,203
$ 4.31 $ 3.55 $ 3.46 $ 2.27 $ (.83)
- - (5.05) - (.22)
- - - - -
$ 4.31 $ 3.55 $ (1.59) $ 2.27 $ (.61)
$ 1,452 $ 1,206 $ 1,174 $ 794 $ (193)
- - - - (38)
- (1) (3) (12) (23)
- - - (11) -
- (3) (9) (7) -
3 3 4 3 -
1,455 1,205 1,166 767 (254)
- - (1,646) - 67
- - - - -
$ 1,455 $ 1,205 $ (480) $ 767 $ (187)
324,804 324,462 322,087 316,275 300,141
5,846 8,054 9,603 9,003 4,062
2,643 2,643 2,643 2,643 -
27,342 27,981 28,663 29,310 -
360,636 363,140 362,996 357,231 304,203
$ 4.04 $ 3.32 $ 3.21 $ 2.15 $ (.83)
- - (4.53) - .22
- - - - -
$ 4.04 $ 3.32 $ (1.32) $ 2.15 $ (.61)