EXHIBIT 11.1
Page 1 of 2
UNISYS CORPORATION
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
(Millions, except share data)
Primary Earnings Per Common Share 1996 1995
----------- -----------
Average Number of Outstanding Common Shares 172,069,577 171,083,414
Additional Shares Assuming Exercise of Stock Options 462,294 902,171
----------- -----------
Average Number of Outstanding Common Shares and
Common Share Equivalents 172,531,871 171,985,585
=========== ===========
Income (Loss) From Continuing Operations $( 8.1) $ 71.9
Dividends on Series A, B and C Preferred Stock (60.4) ( 59.9)
------- -------
Primary Earnings (Loss) on Common Shares Before
Discontinued Operations (68.5) 12.0
Income From Discontinued Operations 12.5
------- -------
Primary Earnings (Loss) on Common Shares $(68.5) $24.5
======= =======
Primary Earnings (Loss) Per Common Share
Continuing Operations $(.40) $ .07
Discontinued Operations .07
------- -------
Total $ (.40) $ .14
======= =======
Fully Diluted Earnings Per Common Share
Average Number of Outstanding Common
Shares and Common Share Equivalents 172,531,871 171,985,585
Additional Shares:
Assuming Conversion of Series A Preferred Stock 47,454,260 47,454,697
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 27,480,520
Attributable to Stock Plans 116,791 52,488
----------- -----------
Common Shares Outstanding Assuming Full Dilution 281,280,829 253,190,157
=========== ===========
Primary Earnings (Loss) on Common Shares Before
Discontinued Operations $(68.5) $ 12.0
Exclude Dividends on Series A Preferred Stock 53.3 53.3
Interest Expense on 8 1/4%
Convertible Notes, due 2000,
Net of Applicable Tax 9.6 8.9
Interest Expense on 8 1/4%
Convertible Notes, due 2006,
Net of Applicable Tax 5.2
------- -------
Fully Diluted Earnings (Loss) on
Common Shares Before Discontinued Operations (.4) 74.2
Income From Discontinued Operations 12.5
------- -------
Fully Diluted Earnings (Loss) on Common Shares $ (.4) $ 86.7
======= =======
Fully Diluted Earnings (Loss) per Common Share
Continuing Operations $ 0 $ .29
Discontinued Operations .05
------- -------
Total $ 0 $ .34
======= =======
EXHIBIT 11.1
Page 2 of 2
UNISYS CORPORATION
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(UNAUDITED)
(Millions, except share data)
1996 1995
----------- -----------
Earnings (Loss) Per Common Share As Reported
Primary
Continuing Operations $( .40) $ .07
Discontinued Operations .07
------- -------
Total $( .40) $ .14
======= =======
Fully Diluted
Continuing Operations $( .40) $ .07
Discontinued Operations .07
------- -------
Total $( .40) $ .14
======= =======
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.