EXHIBIT 11.1
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COMPUTATION OF PRIMARY EARNINGS PER COMMON SHARE
(In millions, except per share data)
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YEAR ENDED DECEMBER 31,
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1993 1992 1991
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EARNINGS
Income (loss) from continuing operations before cumulative effect of
accounting changes $ (268) $ 561 $ 507
Preferred stock dividends -- (5) (23)
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Income (loss) from continuing operations before cumulative effect of
accounting changes applicable to common stock (268) 556 484
Discontinued operations
Income from discontinued operations -- 63 84
Costs associated with effecting the business discontinuance -- (18) --
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Total discontinued operations -- 45 84
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Cumulative effect of accounting changes 70 (165) --
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Net income (loss) available for common stock $ (198) $ 436 $ 568
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SHARES
Average common shares outstanding 277 279 280
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PRIMARY EARNINGS (LOSS) PER COMMON SHARE
INCOME FROM CONTINUING OPERATIONS $ (0.97) $ 1.99 $ 1.73
DISCONTINUED OPERATIONS
INCOME FROM DISCONTINUED OPERATIONS -- 0.22 0.30
COSTS ASSOCIATED WITH EFFECTING THE BUSINESS DISCONTINUANCE -- (0.06) --
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TOTAL DISCONTINUED OPERATIONS -- 0.16 0.30
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CUMULATIVE EFFECT OF ACCOUNTING CHANGES 0.25 (0.59) --
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NET INCOME (LOSS) $ (0.72) $ 1.56 $ 2.03
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