EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED NET INCOME PER COMMON SHARE
YEAR ENDED DECEMBER 31
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(Dollars in millions, except per share data) 1993 1992 1991
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PRIMARY:
Average shares outstanding 112,047,588 103,707,840 101,711,931
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 1,027,841 1,653,182 821,353
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113,075,429 105,361,022 102,533,284
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Net income before cumulative effect of accounting changes $298.0 $154.5 $207.1
Preferred dividends (27.8) (30.2) (23.7)
Pro-rata effect of the assumed exercise of risk event warrants -- -- --
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Net income before cumulative effect of accounting changes
applicable to common equity $270.2 $124.3 $183.4
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Net income before cumulative effect of accounting changes per common share $2.39 $1.18 $1.79
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Cumulative effect of accounting changes applicable to common equity -- $157.3 --
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Cumulative effect of accounting changes per common share -- $1.49 --
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Net income $298.0 $311.8 $207.1
Preferred dividends (27.8) (30.2) (23.7)
Pro-rata effect of the assumed exercise of risk event warrants -- -- --
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Net income applicable to common equity $270.2 $281.6 $183.4
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Net income per common share $2.39 $2.67 $1.79
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FULLY DILUTED: *
Average shares outstanding 112,047,588 103,707,840 101,711,931
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
year-end market price, whichever is higher 1,065,030 2,011,784 1,339,920
Assumed conversion of Series 1991A Preferred Stock 3,681,740 3,951,624 617,102
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116,794,358 109,671,248 103,668,953
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Net income before cumulative effect of accounting changes $298.0 $154.5 $207.1
Preferred dividends, excluding 1991 A Preferred Stock ($19.8) (22.0) (22.4)
Pro-rata effect of the assumed exercise of risk event warrants -- -- --
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Net income before cumulative effect of accounting changes
applicable to common equity $278.2 $132.5 $184.7
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Net income before cumulative effect of accounting changes per common share $2.38 $1.21 $1.78
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Cumulative effect of accounting changes applicable to common equity -- $157.3 --
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Cumulative effect of accounting changes per common share -- $1.43 --
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Net income $298.0 $311.8 $207.1
Preferred dividends ($19.8) (22.0) (22.4)
Pro-rata effect of the assumed exercise of risk event warrants -- -- --
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Net income applicable to common equity $278.2 $289.8 $184.7
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Net income per common share $2.38 $2.64 $1.78
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<FN>
* 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%.