EXHIBIT 11
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended
September 30,
------------------------
1996 1995
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(In millions, except
per share data)
ASSUMING NO DILUTION:
- --------------------
Average number of common shares outstanding 191.2 190.0
====== ======
Net earnings $ 311 $ 287
Less: Preferred stock dividends (15) (15)
------ ------
Net earnings applicable to common stock $ 296 $ 272
====== ======
Earnings per common share $ 1.55 $ 1.43
====== ======
ASSUMING FULL DILUTION:
- -----------------------
Average number of common shares outstanding 191.2 190.0
Dilutive stock options-based on the treasury stock
method using the September 30 market prices, if
higher than average market price 4.6 4.2
Assumed conversion of the Convertible Series A
Preferred Stock 28.9 28.9
------ ------
224.7 223.1
====== ======
Net earnings $ 311 $ 287
====== ======
Earnings per common share $ 1.38 $ 1.29
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30
EXHIBIT 11
(Continued)
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Nine Months Ended
September 30,
------------------------
1996 1995
---------- ---------
(In millions, except
per share data)
ASSUMING NO DILUTION:
- --------------------
Average number of common shares outstanding 190.2 189.4
====== ======
Net earnings $ 882 $ 371
Less: Preferred stock dividends (45) (45)
------ ------
Net earnings applicable to common stock $ 837 $ 326
====== ======
Earnings per common share $ 4.40 $ 1.72
====== ======
ASSUMING FULL DILUTION:
- -----------------------
Average number of common shares outstanding 190.2 189.4
Dilutive stock options-based on the treasury stock
method using the September 30 market prices, if
higher than average market price 5.1 4.3
Assumed conversion of the Convertible Series A
Preferred Stock 28.9 28.9
------ ------
224.2 222.6
====== ======
Net earnings $ 882 $ 371
====== ======
Earnings per common share $ 3.93 $ 1.67
====== ======
31