Exhibit 11 LOCKHEED MARTIN CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE Three Months Ended March 31, 1997 1996 ------ ------ (In millions, except per share data) ASSUMING NO DILUTION: - -------------------- Average number of common shares outstanding 184.5 189.3 ------ ------ Net earnings $ 290 $ 272 Less: Preferred stock dividends (15) (15) ------ ------ Net earnings applicable to common stock $ 275 $ 257 ====== ====== Earning per common share $ 1.49 $ 1.35 ====== ====== ASSUMING FULL DILUTION: - ---------------------- Average number of common shares outstanding 184.5 189.3 Dilutive stock options-based on the treasury stock method using the March 31 market prices, if higher than average market price 3.8 4.5 Assumed conversion of the Convertible Series A Preferred Stock 28.9 28.9 ------ ------ 217.2 222.7 ====== ====== Net earnings $ 290 $ 272 ====== ====== Earnings per common share $ 1.34 $ 1.22 ====== ====== 18