EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED NET INCOME PER COMMON SHARE
Three Months Ended Six Months Ended
June 30 June 30
(Dollars in Millions, Except Per Share Data) 1995 1994 1995 1994
PRIMARY:
Average shares outstanding 133,869,847 135,019,462 133,833,696 132,866,672
Net effect of the assumed purchase of stock under the stock
option and stock purchase plans--based on the treasury stock
method using average market price 1,985,539 2,766,838 1,884,403 2,173,968
135,855,386 137,786,300 135,718,099 135,040,640
Income from continuing operations $137.9 $115.5 $271.7 $227.4
Preferred dividends (1.9) (2.2) (3.8) (8.1)
Income from continuing operations applicable to common equity $136.0 $113.3 $267.9 $219.3
Income from continuing operations per common share $1.00 $0.82 $1.97 $1.62
Income from discontinued operations -- $1.6 -- $0.4
Income from discontinued operations per common share -- $0.01 -- $0.01
Net income $137.9 $117.1 $271.7 $227.8
Preferred dividends (1.9) (2.2) (3.8) (8.1)
Net income applicable to common equity $136.0 $114.9 $267.9 $219.7
Net income per common share $1.00 $0.83 $1.97 $1.63
FULLY DILUTED: *
Average shares outstanding 133,869,847 135,019,462 133,833,696 132,866,672
Net effect of the assumed purchase of stock under the stock
option and stock purchase plans--based on the treasury stock method using
average market price or period-end market price,
whichever is higher 1,991,663 2,793,019 2,146,433 2,632,070
Assumed conversion of Series 1991A Preferred Stock 3,647,401 3,655,684 3,647,401 3,655,684
139,508,911 141,468,165 139,627,530 139,154,426
Income from continuing operations $137.9 $115.5 $271.7 $227.4
Preferred dividends, excluding 1991A Preferred Stock -- (0.3) -- (4.3)
Income from continuing operations applicable to common equity $137.9 $115.2 $271.7 $223.1
Income from continuing operations per common share $0.99 $0.81 $1.95 $1.60
Income from discontinued operations -- $1.6 -- $0.4
Income from discontinued operations per common share -- $0.01 -- $0.01
Net income $137.9 $117.1 $271.7 $227.8
Preferred dividends, excluding 1991A Preferred Stock -- (0.3) -- (4.3)
Net income applicable to common equity $137.9 $116.8 $271.7 $223.5
Net income per common share $0.99 $0.82 $1.95 $1.61
*This calculation is submitted in accordance with Regulation S-K item 601(b)(11)
although not required by footnote 2 to paragraph 17 of APB Opinion No. 15
because it results in dilution of less than 3%.