EXHIBIT 11 UNISYS CORPORATION STATEMENT OF COMPUTATION OF EARNINGS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (UNAUDITED) (Millions, except share data) 1997 1996 ----------- ----------- Primary Earnings Per Common Share Average Number of Outstanding Common Shares 174,848,666 171,436,655 Additional Shares Assuming Exercise of Stock Options 767,816 442,240 ----------- ----------- Average Number of Outstanding Common Shares and Common Share Equivalents 175,616,482 171,878,895 =========== =========== Net Income (Loss) $ 19.3 $ ( 13.4) Dividends on Series A, B and C Preferred Stock (30.1) ( 30.2) -------- -------- Primary Earnings (Loss) on Common Shares $ (10.8) $ ( 43.6) ======== ======== Primary Earnings (Loss) Per Common Share $ (.06) $ ( .25) ======== ======== Fully Diluted Earnings Per Common Share Average Number of Outstanding Common Shares and Common Share Equivalents 175,616,482 171,878,895 Additional Shares: Assuming Conversion of Series A Preferred Stock 47,454,135 47,454,386 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 43,490,909 11,470,130 Attributable to Stock Plans 34,969 ----------- ----------- Common Shares Outstanding Assuming Full Dilution 300,258,913 264,535,767 =========== =========== Primary Earnings (Loss) on Common Shares $( 10.8) $( 43.6) 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 4.8 Interest Expense on 8 1/4% Convertible Notes, due 2006, Net of Applicable Tax 4.1 1.1 -------- -------- Fully Diluted Earnings (Loss) on Common Shares $ 24.7 $( 11.1) ======== ======== Fully Diluted Earnings (Loss) per common Share $ .08 $( .04) ======== ======== Earnings (Loss) Per Common Share As Reported Primary $( .06) $( .25) ======== ======== Fully Diluted $( .06) $( .25) ======== ======== The computation for 1997 and 1996 is based on the weighted average number of outstanding common shares. Neither period assumes conversion of the convertible notes or Series A preferred stock since such conversions would have been antidilutive.