EXHIBIT 11
Page 1 of 2
UNISYS CORPORATION
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
(Millions, except share data)
Primary Earnings Per Common Share 1996 1995
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Average Number of Outstanding Common Shares 171,436,655 170,988,159
Additional Shares Assuming Exercise of Stock Options 442,240 832,788
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Average Number of Outstanding Common Shares and
Common Share Equivalents 171,878,895 171,820,947
=========== ===========
Income (Loss) From Continuing Operations $( 13.4) $ 32.1
Dividends on Series A, B and C Preferred Stock ( 30.2) ( 29.9)
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Primary Earnings (Loss) on Common Shares Before
Discontinued Operations ( 43.6) 2.2
Income From Discontinued Operations 12.5
------ ------
Primary Earnings (Loss) on Common Shares $( 43.6) $ 14.7
====== ======
Primary Earnings (Loss) Per Common Share
Continuing Operations $( .25) $ .02
Discontinued Operations .07
------ ------
Total $( .25) $.09
====== ======
Fully Diluted Earnings Per Common Share
Average Number of Outstanding Common
Shares and Common Share Equivalents 171,878,895 171,820,947
Additional Shares:
Assuming Conversion of Series A Preferred Stock 47,454,386 47,454,699
Assuming Conversion of 8 1/4% Convertible
Notes due 2000 33,697,387 33,697,387
Assuming Conversion of 8 1/4% Convertible
Notes due 2006 11,470,130
Attributable to Stock Options 34,969 13,802
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Common Shares Outstanding Assuming Full Dilution 264,535,767 252,986,835
=========== ===========
Primary Earnings (Loss) on Common Shares Before
Discontinued Operations $( 43.6) $ 2.2
Exclude Dividends on Series A Preferred Stock 26.6 26.6
Interest Expense on 8 1/4% Convertible Notes,
due 2000, Net of Applicable Tax 4.8 4.4
Interest Expense on 8 1/4% Convertible Notes,
due 2006, Net of Applicable Tax 1.1
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Fully Diluted Earnings (Loss) on Common Shares
Before Discontinued Operations ( 11.1) 33.2
Income From Discontinued Operations 12.5
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Fully Diluted Earnings (Loss) on Common Shares $( 11.1) $45.7
====== ======
Fully Diluted Earnings (Loss) per Common Share
Continuing Operations $( .04) $ .05
Discontinued Operations .13
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Total $( .04) $ .18
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EXHIBIT 11
Page 2 of 2
UNISYS CORPORATION
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED)
(Millions, except share data)
1996 1995
----------- -----------
Earnings (Loss) Per Common Share As Reported
Primary
Continuing Operations $( .25) $ .02
Discontinued Operations .07
------ -----
Total $( .25) $ .09
====== =====
Fully Diluted
Continuing Operations $( .25) $ .02
Discontinued Operations .07
------ -----
Total $( .25) $ .09
====== =====
<FN>
The computation for 1996 is based on the weighted average number of
outstanding common shares. In addition, the computation for 1995
includes common stock equivalents. Neither period assumes conversion
of the convertible notes or Series A preferred stock since such
conversions would have been antidilutive.