EXHIBIT I
COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE
UNDER TREASURY STOCK METHOD SET FORTH IN
ACCOUNTING PRINCIPLES BOARD OPINION NO. 15
YEAR ENDED DECEMBER 31:
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1996 1995 1994 1993* 1992*
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Number of shares on which published
earnings per share is based:
Average outstanding during year.... 528,352,094 569,384,029 584,958,699 573,239,240 570,896,489
Add-- Incremental shares under stock
compensation and stock purchase
plans........................... 11,502,358 9,223,139 4,308,269 -- --
-- Incremental shares related to
5 3/4% CGI convertible bonds
(average)....................... -- 5,291,098 7,715,391 -- --
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Number of shares on which fully
diluted earnings per share is
based.............................. 539,854,452 583,898,266 596,982,359 573,239,240 570,896,489
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Net earnings (loss) applicable to
common shareholders (millions)..... $ 5,409 $ 4,116 $ 2,937 $ (8,148) $ (4,965)
--Net earnings (loss) effect of
interest on 5 3/4% CGI
convertible bonds (millions)..... -- 1 19 -- --
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Net earnings (loss) on which fully
diluted earnings per share is based
(millions)......................... $ 5,409 $ 4,117 $ 2,956 $ (8,148) $ (4,965)
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Fully diluted earnings (loss) per
share.............................. $ 10.02 $ 7.05 $ $4.95 $ (14.22) $ (8.70)
Published earnings (loss) per
share.............................. $ 10.24 $ 7.23 $ $5.02 $ (14.22) $ (8.70)
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* In 1993 and 1992, incremental shares under stock plans and the effect of the
convertible debentures and bonds were not considered for the fully diluted
earnings per share calculation due to their antidilutive effect. As such,
the amounts reported for primary and fully diluted earnings per share are
the same.