<Page> EXHIBIT 11 COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE (UNAUDITED) <Table> <Caption> FOR QUARTER ENDED --------------------------------- MARCH 31, 2002 MARCH 31, 2001 --------------- --------------- Number of shares on which basic earnings per share is calculated: Average outstanding during period 1,718,412,093 1,740,873,107 Add - Incremental shares under stock compensation plans 31,998,707 37,845,105 Add- Incremental shares associated with put options -- 8,792 Add - Incremental shares associated with contingently issuable shares 2,549,701 2,522,946 --------------- --------------- Number of shares on which diluted earnings per share is calculated 1,752,960,501 1,781,249,950 =============== =============== Net income applicable to common shareholders (millions) $ 1,192 $ 1,745 Less/(add) - net income applicable to contingently issuable shares (millions) 6 (2) --------------- --------------- Net income on which diluted earnings per share is calculated (millions) $ 1,186 $ 1,747 =============== =============== Earnings per share of common stock: Assuming dilution $ 0.68 $ 0.98 Basic $ 0.69 $ 1.00 </Table> Stock options to purchase 55,080,488 shares and 75,529,995 shares were outstanding as of March 31, 2002 and 2001, respectively, but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares and, therefore, the effect would have been antidilutive. Net income applicable to common shareholders excludes preferred stock dividends of $5 million for the three months ended March 31, 2001.