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EXHIBIT 11.
COMPUTATION OF EARNINGS PER SHARE
(In millions, except earnings per share)
Year Ended June 30
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1994 1995 1996
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Weighted average common shares outstanding 571 582 592
Common equivalent shares from stock options 39 45 48
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Average common and equivalent shares outstanding (1) 610 627 640
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Net income $1,146 $1,453 $2,195
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Earnings per share (1) $ 1.88 $ 2.32 $ 3.43
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(1) Fully diluted earnings per share have not been presented because the
effects are not material.