Exhibit 11
Peter Kiewit Sons', Inc.
Calculation of Earnings per share
For the three years ended December 28, 1996
(dollars in thousands except per share data)
(C>
Class C Stock Class D Stock
1996 1995 1994 1996 1995 1994
Actual weighted shares
outstanding for the period 10,655,886 13,384,434 15,697,724 23,201,190 21,718,792 20,438,806
Dilutive stock options using
average market price - - - 62,498 - -
---------- ---------- --------- --------- ---------- ----------
Total number of shares
used to compute
primary earnings
per share 10,655,886 13,384,434 15,697,724 23,263,688 21,718,792 20,438,806
Additional dilutive stock
options using ending
market price - - - 10,087 - -
Additional dilutive shares
assuming conversion of
convertible debentures 370,159 311,622 230,576 - 51,420 83,711
---------- --------- --------- ---------- ---------- ----------
Total number of shares
used to compute fully
diluted earnings
per share 11,026,045 13,696,056 15,928,300 23,273,775 21,770,212 20,522,517
========== ========== ========== ========== ========== ==========
Net income available
to common
shareholders $ 107,917 $ 104,079 $ 77,204 $ 112,802 $ 140,099 $ 33,313
Add: Interest expense,
net of tax effect
associated with
convertible debentures 402 282 164 - 93 163
---------- ----------- ----------- --------- ---------- ----------
Net income for fully
diluted shares $ 108,319 $ 104,361 $ 77,368 $ 112,802 $ 140,192 $ 33,476
========== =========== =========== ========== ========== ==========
Primary earnings
per share $ 10.13 $ 7.78 $ 4.92 $ 4.85 $ 6.45 $ 1.63
========== =========== =========== ========== ========== ==========
Fully diluted earnings
per share* $ 9.82 $ 7.62 $ 4.86 $ 4.85 $ 6.44 $ 1.63
========== =========== =========== ========= ========== ==========
*Fully diluted earnings per share for Class C Stock in 1996 varies less than
3% from primary earnings per share prior to rounding.