EXHIBIT 11
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended
March 31,
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1995 1994
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(In millions, except per share data)
ASSUMING NO DILUTION:
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Average number of common shares outstanding 188.5 186.1
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Earnings before cumulative effect of
change in accounting $ 137 $ 272
Less: Preferred stock dividends (15) (15)
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Earnings before cumulative effect of change
in accounting applicable to common stock 122 257
Cumulative effect of change in accounting - (37)
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Net earnings applicable to common stock $ 122 $ 220
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Earnings per common share:
Before cumulative effect of change in accounting $ .65 $ 1.38
Cumulative effect of change in accounting - (.20)
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$ .65 $ 1.18
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EXHIBIT 11 - CONTINUED
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended
March 31,
------------------------------
1995 1994
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(In millions, except per share data)
ASSUMING FULL DILUTION:
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Average number of common shares outstanding 188.5 186.1
Dilutive stock options-based on the treasury stock
method using the March 31 market prices, if
higher than average market price 3.1 2.5
Assumed conversion of the Convertible Series A
Preferred Stock from the date of issuance 28.9 28.9
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220.5 217.5
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Earnings before cumulative effect of change
in accounting $ 137 $ 272
Cumulative effect of change in accounting - (37)
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Net earnings $ 137 $ 235
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Earnings per common share:
Before cumulative effect of change in accounting $ .62 $ 1.25
Cumulative effect of change in accounting - (.17)
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$ .62 $ 1.08
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