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
March 31,
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1996 1995
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Net income
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Primary
Net income $ 31 $ 55
Dividends declared on Series A
ESOP convertible junior preferred
stock (ESOP Stock), net of
tax benefits (3) (3)
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$ 28 $ 52
==== ====
Fully diluted
Income 31 55
Nondiscretionary adjustment (1) (1) (1)
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$ 30 $ 54
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Weighted average number of shares (2)
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Primary
Weighted average number of
common shares outstanding 77,286,233 78,598,669
Effect of shares issuable under
employee stock compensation plans 716,213 496,599
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78,002,446 79,095,268
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Fully diluted
Weighted average number of
common shares outstanding 77,286,233 78,598,669
Series A ESOP convertible
junior preferred 9,756,470 9,821,354
Effect of shares issuable under
employee stock compensation plans 716,213 545,607
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87,758,916 88,965,630
========== ==========
Net income per common share
Primary $ .36 $ .66
Fully diluted .35 .61
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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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