EXHIBIT 11.2
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COMPUTATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
(In millions, except per share data)
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YEAR ENDED DECEMBER 31,
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1993(A) 1993(A) 1992 1991
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EARNINGS
Income (loss) from continuing operations before
cumulative effect of accounting changes $ (268) $ (268) $ 561 $ 507
Preferred stock dividends -- -- (5) (23)
Pro forma income (loss) from continuing
operations before cumulative effect of
accounting changes applicable to common stock (268) (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 70 (165) --
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Pro forma net income (loss) available for
common stock $ (198) $ (198) $ 436 $ 568
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SHARES
Weighted average number of common shares
outstanding 277 277 279 280
Additional shares assuming conversion of
cumulative convertible exchangeable preferred
stock, exercise of stock options, performance
share awards and stock purchase plan
subscriptions -- 1 3 5
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Average common shares and equivalents
outstanding 277 278 282 285
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FULLY DILUTED EARNINGS (LOSS) PER COMMON SHARE
INCOME (LOSS) FROM CONTINUING OPERATIONS $(0.97) $(0.96) $ 1.97 $1.70
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 0.25 (0.59) --
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NET INCOME (LOSS) $(0.72) $(0.71) $ 1.54 $2.00
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<FN>
(a) For the year ended December 31, 1993, fully diluted earnings (loss) per
common share has been computed with and without anti-dilutive common stock
equivalents.
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