Exhibit 11
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended
September 30,
1997 1996
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(In millions, except per
share data)
ASSUMING NO DILUTION:
- --------------------
Average number of common shares outstanding 185.9 191.2
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Net earnings $ 331 $ 311
Less: Preferred stock dividends (15) (15)
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Net earnings applicable to common stock $ 316 $ 296
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Earnings per common share $ 1.70 $ 1.55
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ASSUMING FULL DILUTION:
- -----------------------
Average number of common shares outstanding 185.9 191.2
Dilutive stock options-based on the treasury stock
method using the September 30 market prices, if
higher than average market price 4.5 4.6
Assumed conversion of the Series A preferred stock 28.9 28.9
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219.3 224.7
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Net earnings $ 331 $ 311
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Earnings per common share $ 1.51 $ 1.38
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Exhibit 11 (Continued)
LOCKHEED MARTIN CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
Nine Months Ended
September 30,
1997 1996
-------- --------
(In millions, except per
share data)
ASSUMING NO DILUTION:
- ---------------------
Average number of common shares outstanding 184.9 190.2
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Net earnings $ 929 $ 882
Less: Preferred stock dividends (45) (45)
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Net earnings applicable to common stock $ 884 $ 837
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Earnings per common share $ 4.78 $ 4.40
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ASSUMING FULL DILUTION:
- -----------------------
Average number of common shares outstanding 184.9 190.2
Dilutive stock options-based on the treasury stock
method using the September 30 market prices, if
higher than average market price 4.9 5.1
Assumed conversion of the Series A preferred stock 28.9 28.9
------ ------
218.7 224.2
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Net earnings $ 929 $ 882
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Earnings per common share $ 4.25 $ 3.93
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