EXHIBIT 11
COMPUTATION OF EARNINGS/(LOSS) PER COMMON
SHARE (Dollar amounts in millions except per
share data)
1996 1995 1994
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Primary Earnings/(Loss) Per Share of Common Stock:
Average common shares outstanding including
common stock equivalents (a) 47,510,071 45,120,120 43,243,497
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Net earnings/(loss) available to common stockholders $ 15 $ (32) $ (92)
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Primary earnings/(loss) per share of common stock $ 0.31 $ (0.71) $ (2.14)
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Fully Diluted Earnings/(Loss) Per Share of Common Stock: (b)
Average common shares outstanding excluding
common stock equivalents 45,542,384
Dilutive stock options based on the treasury stock method
using the year-end market price if higher than the
average market price 954,801
Dilutive warrants based on the treasury stock method using
the year-end market price if higher than the
average market price 1,356,820
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47,854,005
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Net earnings available to common stockholders $ 15
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Fully diluted earnings per share of common stock $ 0.30
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(a) Common stock equivalents are excluded from the calculation of primary
earnings/(loss) per share of common stock for the years 1995 and 1994
because the Corporation reported net losses in those years.
(b) The calculation of fully diluted earnings per share of common stock for
1996 is submitted in accordance with Securities Exchange Act of 1934
Release No. 9083 although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3% before
rounding to two decimal places. Computation of earnings/(loss) per common
share on a fully-diluted basis is omitted for the years 1995 and 1994
because the options and warrants had an antidilutive effect.