EXHIBIT 11
VIACOM INC. AND SUBSIDIARIES
COMPUTATION OF NET EARNINGS PER SHARE
Quarter ended June 30, Six months ended June 30,
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1997 1996 1997 1996
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(In millions, except per share amounts)
EARNINGS:
Earnings (loss) from continuing operations . . . . . . . $ (216.7) $ 25.5 $ (240.5) $ 44.9
Cumulative convertible perferred stock dividend
requirement . . . . . . . . . . . . . . . . . . . . . 15.0 15.0 30.0 30.0
Earnings (loss) from continuing operations
attributable to common stock . . . . . . . . . . . . . (231.7) 10.5 (270.5) 14.9
Earnings from discontinued operations, net of tax . . . 8.8 15.6 13.9 24.0
Gain on sale of discontinued operation . . . . . . . . . 12.9 -- 12.9 --
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Net earnings (loss) . . . . . . . . . . . . . . . . . . $ (210.0) $ 26.1 $ (243.7) $ 38.9
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PRIMARY COMPUTATION:
SHARES:
Weighted average number of
common shares outstanding . . . . . . . . . . . . . 352.7 371.6 352.6 370.8
Common shares potentially issuable in connection
with:
Stock options and warrants(a) . . . . . . . . . . . -- 4.4 -- 4.6
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Weighted average common shares and common
share equivalents . . . . . . . . . . . . . . . . . 352.7 376.0 352.6 375.4
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NET EARNINGS PER COMMON SHARE:
Earnings (loss) from continuing operations . . . . $ (0.66) $ 0.03 $ (0.77) $ 0.04
Earnings from discontinued operations,
net of tax . . . . . . . . . . . . . . . . . . . . 0.02 0.04 0.04 0.06
Gain on sale of discontinued operation . . . . . . 0.04 -- 0.04 --
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Net earnings (loss) . . . . . . . . . . . . . . . $ (0.60) $ 0.07 $ (0.69) $ 0.10
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FULLY DILUTED COMPUTATION:
SHARES:
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . . . . . . . 352.7 371.6 352.6 370.8
Common shares potentially issuable in connection
with:
Stock options and warrants(a) . . . . . . . . . . . -- 4.4 -- 4.7
Preferred Stock (b) . . . . . . . . . . . . . . . . -- -- -- --
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Weighted average common shares and common
share equivalents . . . . . . . . . . . . . . . . . 352.7 376.0 352.6 375.5
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NET EARNINGS PER COMMON SHARE:
Earnings (loss) from continuing operations . . . . . $ (0.66) $ 0.03 $ (0.77) $ 0.04
Earnings from discontinued operations, net of tax . 0.02 0.04 0.04 0.06
Gain on sale of discontinued operations . . . . . . 0.04 -- 0.04 --
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Net earnings (loss) . . . . . . . . . . . . . . . . $ (0.60) $ 0.07 $ (0.69) $ 0.10
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(a) Common share equivalents had a dilutive effect on net earnings from
continuing operations per share for the second quarter and six months ended
June 30, 1996, and therefore were included in the primary and fully diluted
earnings per share computation. Common share equivalents had an
anti-dilutive effect on net earnings from continuing operations per share
for the second quarter and six months ended June 30, 1997, and therefore
were not included in the primary and fully diluted earnings per share
computation.
(b) The Preferred Stock and related dividend requirement had an anti-dilutive
effect on earnings per share for the second quarters and six months ended
June 30, 1997 and 1996, and, therefore, were excluded from the fully
diluted earnings per share computation.