EXHIBIT (11)
HONEYWELL INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE FIVE YEARS ENDED DECEMBER 31, 1994
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
1994 1993 1992 1991 1990
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Primary:
Income:
Income from continuing operations........................... $ 278.9 $ 322.2 $ 399.9 $ 331.1 $ 371.8
Income from discontinued operations......................... 10.1
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Income before extraordinary item and cumulative effect of
accounting changes......................................... 278.9 322.2 399.9 331.1 381.9
Extraordinary item -- loss on early redemption of debt...... (8.6)
Cumulative effect of accounting changes (Note).............. (144.5)
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Net income................................................ $ 278.9 $ 322.2 $ 246.8 $ 331.1 $ 381.9
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Shares:
Weighted average of shares outstanding during the year...... 129,440,052 134,242,394 138,525,414 140,868,222 151,759,942
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Earnings per share:
Continuing operations....................................... $ 2.15 $ 2.40 $ 2.88 $ 2.35 $ 2.45
Discontinued operations..................................... 0.07
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Income before extraordinary item and cumulative effect of
accounting changes........................................ 2.15 2.40 2.88 2.35 2.52
Extraordinary item -- loss on early redemption of debt...... (0.06)
Cumulative effect of accounting changes (Note).............. (1.04)
----------- ----------- ----------- ----------- -----------
Net income................................................ $ 2.15 $ 2.40 $ 1.78 $ 2.35 $ 2.52
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Assuming full dilution:
Income:
Income from continuing operations........................... $ 278.9 $ 322.2 $ 399.9 $ 331.1 $ 371.8
Income from discontinued operations......................... 10.1
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Income before extraordinary item and cumulative effect of
accounting changes........................................ 278.9 322.2 399.9 331.1 381.9
Extraordinary item -- loss on early redemption of debt...... (8.6)
Cumulative effect of accounting changes (Note).............. (144.5)
----------- ----------- ----------- ----------- -----------
Net income................................................ $ 278.9 $ 322.2 $ 246.8 $ 331.1 $ 381.9
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Shares:
Weighted average of shares outstanding during the year...... 129,440,052 134,242,394 138,525,414 140,868,222 151,759,942
Shares issuable in connection with stock plans less shares
purchaseable from proceeds................................ 541,811 1,069,901 1,599,395 2,120,234 1,410,826
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Total shares.............................................. 129,981,863 135,312,295 140,124,809 142,988,456 153,170,768
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Earnings per share:
Continuing operations....................................... $ 2.15 $ 2.38 $ 2.85 $ 2.32 $ 2.43
Discontinued operations..................................... 0.06
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Income before extraordinary item and cumulative effect of
accounting changes........................................ 2.15 2.38 2.85 2.32 2.49
Extraordinary item -- loss on early redemption of debt...... (0.06)
Cumulative effect of accounting changes..................... (1.03)
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Net income................................................ $ 2.15 $ 2.38 $ 1.76 $ 2.32 $ 2.49
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<FN>
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Note: The cumulative effect of accounting changes in 1992 are the result of
adopting Statement of Financial Accounting Standards (SFAS) No. 106,
"Employers' Accounting for Postretirement Benefits Other Than Pensions,"
which reduced net income by $151.3 ($1.09 per share); SFAS No. 109,
"Accounting for Income Taxes," which increased net income by $31.4 ($0.23
per share); and SFAS No. 112, "Employers' Accounting for Postemployment
Benefits," which reduced net income by $24.6 ($0.18 per share).
48