EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED NET INCOME PER COMMON SHARE
THREE MONTHS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
(DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) 1996 1995 1996 1995
PRIMARY:
Average shares outstanding 137,725,350 133,869,847 136,155,737 133,833,696
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 2,049,153 1,985,539 2,227,166 1,884,403
139,774,503 135,855,386 138,382,903 135,718,099
Net income $254.1 $137.9 $430.9 $271.7
Preferred dividends (1.6) (1.9) (3.3) (3.8)
Net income applicable to common equity $252.5 $136.0 $427.6 $267.9
Net income per common share $1.81 $1.00 $3.09 $1.97
FULLY DILUTED: *
Average shares outstanding 137,725,350 133,869,847 136,155,737 133,833,696
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 2,051,711 1,991,663 2,325,038 2,146,433
Assumed conversion of Series 1991A Preferred Stock 3,107,268 3,647,401 3,275,485 3,647,401
142,884,329 139,508,911 141,756,260 139,627,530
Net income $254.1 $137.9 $430.9 $271.7
Preferred dividends, excluding 1991A Preferred Stock -- -- -- --
Net income applicable to common equity $254.1 $137.9 $430.9 $271.7
Net income per common share $1.78 $.99 $3.04 $1.95
*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%.