EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED NET INCOME PER COMMON SHARE
Three Months Ended June 30 Six Months Ended June 30
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(Dollars in Millions, Except Per Share Data) 1997 1996 1997 1996
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PRIMARY:
Average shares outstanding ....................................... 133,165,814 137,725,350 133,275,817 136,155,737
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 ...................................... 2,122,587 2,049,153 2,132,334 2,227,166
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135,288,401 139,774,503 135,408,151 138,382,903
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Net income ....................................................... $ 178.3 $ 254.1 $ 350.1 $ 430.9
Preferred dividends .............................................. -- (1.6) -- (3.3)
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Net income applicable to common equity ........................... $ 178.3 $ 252.5 $ 350.1 $ 427.6
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Net income per common share ...................................... $ 1.32 $ 1.81 $ 2.59 $ 3.09
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FULLY DILUTED: *
Average shares outstanding ....................................... 133,165,814 137,725,350 133,275,817 136,155,737
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 ....................................................... 2,647,406 2,051,711 2,790,550 2,325,038
Assumed conversion of Series 1991A Preferred Stock ............... -- 3,107,268 -- 3,275,485
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135,813,220 142,884,329 136,066,367 141,756,260
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Net income ....................................................... $ 178.3 $ 254.1 $ 350.1 $ 430.9
Preferred dividends, excluding 1991A Preferred Stock ............. -- -- -- --
Net income applicable to common equity ........................... $ 178.3 $ 254.1 $ 350.1 $ 430.9
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Net income per common share ...................................... $ 1.31 $ 1.78 $ 2.57 $ 3.04
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*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%.