EXHIBIT 11.1 UNISYS CORPORATION STATEMENT OF COMPUTATION OF EARNINGS PER SHARE FOR THE SIX MONTHS ENDED JUNE 30, 1994 and 1993 (UNAUDITED) (Millions, except share data) 1994 1993 ---- ---- Primary Earnings Per Common Share Average Number of Outstanding Common Shares 170,618,828 162,229,245 Additional Shares Assuming Exercise of Stock Options 2,169,494 2,723,267 ----------- ----------- Average Number of Outstanding Common Shares and Common Share Equivalents 172,788,322 164,952,512 =========== =========== Income Before Extraordinary Items and Changes in Accounting Principles $117.6 $159.8 Dividends on Series A, B and C Preferred Stock (60.1) (61.0) ------ ------ Primary Earnings on Common Shares Before Extraordinary Items and Changes in Accounting Principles 57.5 98.8 Extraordinary Items (7.7) (26.4) Effect of Changes in Accounting Principles 230.2 ------ ------ Primary Earnings on Common Shares $ 49.8 $302.6 ====== ====== Primary Earnings Per Common Share Before Extraordinary Items and Changes in Accounting Principles $ .33 $ .60 Extraordinary Items (.04) (.16) Effect of Changes in Accounting Principles 1.39 ------ ------ Total $ .29 $1.83 ====== ====== Fully Diluted Earnings Per Common Share Average Number of Outstanding Common Shares and Common Share Equivalents 172,788,322 164,952,512 Additional Shares: Assuming Conversion of: Series A Preferred Stock 47,712,453 8 1/4% Convertible Notes 33,698,698 33,699,634 Attributable to Stock Options 174,229 167,598 ----------- ----------- Common Shares Outstanding Assuming Full Dilution 206,661,249 246,532,197 =========== =========== Primary Earnings on Common Shares Before Extraordinary Items and Changes in Accounting Principles $ 57.5 $ 98.8 Exclude Dividends on Series A Preferred Stock 53.5 Interest Expense on 8 1/4% Convertible Notes, Net of Applicable Tax 8.9 9.0 ------ ------ Fully Diluted Earnings on Common Shares Before Extraordinary Items and Changes in Accounting Principles 66.4 161.3 Extraordinary Items (7.7) (26.4) Effect of Changes in Accounting Principles 230.2 ------ ------ Fully Diluted Earnings on Common Shares $ 58.7 $365.1 ====== ====== Fully Diluted Earnings Per Common Share Before Extraordinary Items and Changes in Accounting Principles $ .32 $ .65 Extraordinary Items (.04) (.11) Effect of Changes in Accounting Principles .94 ------ ------ Total $ .28 $1.48 ====== ======