Exhibit 11.1
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Years Ended September 30,
------------------------------
1995 1994 1993
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PRIMARY EARNINGS (NOTE A:)
Income before extraordinary loss
and cumulative effect of
accounting changes $119,983 $131,142 $ 58,856
Dividends on preferred stock (8,000) (12,000) (12,000)
Repurchase of preferred stock (17,600)
-------- -------- --------
Subtotal 94,383 119,142 46,856
Extraordinary loss (44,320)
Accounting changes (14,598) (44,165)
-------- -------- --------
Net income applicable to common stock $ 79,785 $ 30,657 $ 46,856
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Shares:
- -------
Weighted average number of common
shares outstanding 141,215 140,532 139,321
Assuming conversion of dilutive
stock options 111 90 308
-------- -------- --------
Weighted average number of common
shares outstanding as adjusted 141,326 140,622 139,629
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Primary earnings per common share:
- ----------------------------------
Income before extraordinary loss
and cumulative effect of
accounting changes $ .66 $ .85 $ .34
Extraordinary loss (.31)
Accounting changes (.10) (.32)
-------- -------- --------
Net income $ .56 $ .22 $ .34
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FULLY DILUTED EARNINGS (NOTE A:)
Net income applicable to common stock $ 79,785 $ 30,657 $ 46,856
Interest expense, net of tax, related to
dilutive convertible debt 2,188
-------- -------- --------
Net income as adjusted $ 79,785 $ 30,657 $ 49,044
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Shares:
- -------
Weighted average number of common
shares outstanding 141,215 140,532 139,321
Assuming conversion of
dilutive convertible debt 7,165
Assuming conversion of dilutive
stock options 128 90 309
-------- -------- --------
Weighted average number of common
shares outstanding as adjusted 141,343 140,622 146,795
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Fully diluted earnings per common share:
- ----------------------------------------
Income before extraordinary loss
and cumulative effect of
accounting changes $ .66 $ .85 $ .33
Extraordinary loss (.31)
Accounting changes (.10) (.32)
-------- -------- --------
Net income $ .56 $ .22 $ .33
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Note A: This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.