Exhibit 11
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended
June 30,
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1996 1995
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(In millions, except per share data)
ASSUMING NO DILUTION:
- - --------------------
Average number of common shares outstanding 190.2 189.3
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Net earnings (loss) $ 299 $ (53)
Less: Preferred stock dividends (15) (15)
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Net earnings (loss) applicable to common stock $ 284 $ (68)
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Earnings (loss) per common share $ 1.50 $ (.36)
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ASSUMING FULL DILUTION:
- - ----------------------
Average number of common shares outstanding 190.2 189.3
Dilutive stock options-based on the treasury stock
method using the June 30 market prices, if
higher than average market price 4.7 4.2
Assumed conversion of the Convertible Series A
Preferred Stock 28.9 28.9
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223.8 222.4
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Net earnings (loss) $ 299 $ (53)
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Earnings (loss) per common share $ 1.33 $ (.24) *
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* The assumed conversion of the Corporation's Series A preferred stock for
purposes of calculating earnings per share on a fully diluted basis had an
anti-dilutive effect for both the three months and six months ended June 30,
1995.
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Exhibit 11
(Continued)
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Six Months Ended
June 30,
-------------------------
1996 1995
---- ----
(In millions, except per share data)
ASSUMING NO DILUTION:
- - --------------------
Average number of common shares outstanding 189.7 188.9
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Net earnings $ 571 $ 84
Less: Preferred stock dividends (30) (30)
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Net earnings applicable to common stock $ 541 $ 54
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Earnings per common share $ 2.85 $ .28
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ASSUMING FULL DILUTION:
- - ----------------------
Average number of common shares outstanding 189.7 188.9
Dilutive stock options-based on the treasury
stock method using the June 30 market prices,
if higher than average market price 4.9 4.4
Assumed conversion of the Convertible Series A
Preferred Stock 28.9 28.9
------ ------
223.5 222.2
====== ======
Net earnings $ 571 $ 84
====== ======
Earnings per common share $ 2.55 $ .38 *
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* The assumed conversion of the Corporation's Series A preferred stock for
purposes of calculating earnings per share on a fully diluted basis had an
anti-dilutive effect for both the three months and six months ended June 30,
1995.
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