EXHIBIT 11.1 UNISYS CORPORATION STATEMENT OF COMPUTATION OF EARNINGS PER SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 (UNAUDITED) (Millions, except share data) Primary Earnings Per Common Share 1995 1994 ----------- ----------- Average Number of Outstanding Common Shares 171,184,699 170,689,839 Additional Shares Assuming Exercise of Stock Options 816,414 1,769,947 ----------- ----------- Average Number of Outstanding Common Shares and Common Share Equivalents 172,001,113 172,459,786 =========== =========== Income From Continuing Operations Before Extraordinary Item $ 39.7 $ 88.1 Dividends on Series A, B and C Preferred Stock ( 90.1) ( 90.1) ------ ------ Primary Earnings on Common Shares Before Discontinued Operations and Extraordinary Item ( 50.4) ( 2.0) Income From Discontinued Operations 12.5 72.4 Extraordinary Item ( 7.7) ------ ------ Primary Earnings (Loss) on Common Shares $( 37.9) $ 62.7 ====== ====== Primary Earnings (Loss) Per Common Share Continuing Operations $( .29) $( .02) Discontinued Operations .07 .42 Extraordinary Item ( .04) ------ ------ Total $( .22) $.36 ====== ====== Fully Diluted Earnings Per Common Share Average Number of Outstanding Common Shares and Common Share Equivalents 172,001,113 172,459,786 Additional Shares: Assuming Conversion of 8 1/4% Convertible Notes 33,697,387 33,698,698 Attributable to Stock Options 34,992 148,368 ----------- ----------- Common Shares Outstanding Assuming Full Dilution 205,733,492 206,306,852 =========== =========== Primary Earnings (Loss) on Common Shares Before Discontinued Operations and Extraordinary Item $( 50.4) $( 2.0) Interest Expense on 8 1/4% Convertible Notes, Net of Applicable Tax 13.3 13.3 ------ ------ Fully Diluted Earnings (Loss) on Common Shares Before Discontinued Operations and Extraordinary Item ( 37.1) 11.3 Income From Discontinued Operations 12.5 72.4 Extraordinary Item ( 7.7) ------ ------ Fully Diluted Earnings (Loss) on Common Shares $( 24.6) $76.0 ====== ====== Fully Diluted Earnings (Loss) per Common Share Continuing Operations $( .18) $ .06 Discontinued Operations .06 .35 Extraordinary Item ( .04) ------ ------ Total $( .12) $ .37 ====== ====== Earnings (Loss) Per Common Share As Reported Primary Continuing Operations $( .29) $ ( .02) Discontinued Operations .07 .42 Extraordinary Item ( .04) ------ ------ Total $( .22) $ .36 ====== ====== Fully Diluted Continuing Operations $( .29) $( .02) Discontinued Operations .07 .42 Extraordinary Item ( .04) ------ ------ Total $( .22) $ .36 ====== ======