Exhibit 11
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CONRAIL INC.
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EARNINGS PER SHARE COMPUTATIONS
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($ In Millions Except Per Share)
Quarters Ended Nine Months Ended
September 30, September 30,
---------------- -----------------
1995 1994 1995 1994
---- ---- ---- ----
Net income
- ----------
Primary
Net income $116 $106 $294 $175
Dividends declared on Series A ESOP
convertible junior preferred stock
(ESOP Stock), net of tax benefit (2) (4) (9) (10)
---- ---- ---- ----
$114 $102 $285 $165
==== ==== ==== ====
Fully diluted
Net income 116 106 294 175
Nondiscretionary adjustment (1) (1) (1) (3) (5)
---- ---- ---- ----
$115 $105 $291 $170
==== ==== ==== ====
Weighted average number of shares (2)
- ---------------------------------
Primary
Weighted average number of common
shares outstanding 78,035,787 78,943,971 78,295,582 79,184,111
Effect of shares issuable under
employee stock compensation
plans 628,223 516,629 541,007 655,369
---------- ---------- ---------- ----------
78,664,010 79,460,600 78,836,589 79,839,480
========== ========== ========== ==========
Fully diluted
Weighted average number of common
shares outstanding 78,035,787 78,943,971 78,295,582 79,184,111
Series A ESOP convertible
junior preferred stock 9,793,741 9,863,383 9,807,260 9,907,107
Effect of shares issuable under
employee stock compensation
plans 695,858 516,629 749,716 655,369
---------- ---------- ---------- ----------
88,525,386 89,323,983 88,852,558 89,746,587
========== ========== ========== ==========
Net income per common share
Primary $1.44 $1.29 $3.61 $2.07
Fully diluted 1.31 1.17 3.28 1.91
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Exhibit 11
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CONRAIL INC.
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EARNINGS PER SHARE COMPUTATIONS
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Notes: 1. Represents the increase, net of income tax benefits, in
ESOP-related expenses assuming conversion of all ESOP
Stock to common stock.
2. Shares held by the Employee Benefits Trust (the
"Trust") are not considered outstanding for earnings per
share computations until issued by the Trust.
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