Exhibit 11
Viacom Inc. and Subsidiaries
Computation of Net Earnings (Loss) Per Share
Three months ended Sept. 30, Nine months ended Sept. 30,
---------------------------- ---------------------------
1999 1998 1999 1998
---- ---- ---- ----
(In millions, except per share amounts)
Earnings (loss):
Earnings (loss) from continuing operations....... $110.9 $ 86.4 $238.6 $(133.3)
Cumulative convertible preferred stock dividend
requirement..................................... -- (15.0) (.4) (45.0)
Premium on redemption of preferred stock......... -- -- (12.0) --
------ ------ ------ -------
Earnings (loss) from continuing operations
attributable to common stock.................... 110.9 71.4 226.2 (178.3)
Earnings (loss) from discontinued operations,
net of tax...................................... -- 52.0 -- (7.6)
Extraordinary loss, net of tax................... (14.2) -- (37.7) --
------ ------ ------ -------
Net earnings (loss).............................. $ 96.7 $123.4 $188.5 $(185.9)
====== ====== ====== =======
Basic computation:
- ------------------
Shares:
Weighted average number of common shares......... 696.7 714.7 694.5 712.8
====== ====== ====== =======
Net earnings (loss) per common share:
Earnings (loss) from continuing operations....... $ .16 $ .10 $ .33 $ (.25)
Earnings (loss) from discontinued operations,
net of tax ..................................... -- .07 -- (.01)
Extraordinary loss, net of tax................... (.02) -- (.06) --
------ ------ ------ -------
Net earnings (loss).............................. $ .14 $ .17 $ .27 $ (.26)
====== ====== ====== =======
Diluted computation:
- --------------------
Shares:
Weighted average number of common shares (basic) 696.7 714.7 694.5 712.8
Common shares potentially issuable in connection
with stock options and warrants(1)........... 12.8 10.8 14.1 --
------ ------ ------ -------
Weighted average number of common shares
(diluted)............................... 709.5 725.5 708.6 712.8
====== ====== ====== =======
Net earnings (loss) per common share:
Earnings (loss) from continuing operations...... $ .16 $ .10 $ .32 $ (.25)
Earnings (loss) from discontinued operations,
net of tax..................................... -- .07 -- (.01)
Extraordinary loss, net of tax.................. (.02) -- (.05) --
------ ------ ------ -------
Net earnings (loss)............................. $ .14 $ .17 $ .27 $ (.26)
====== ====== ====== =======
(1) For the nine months ended September 30, 1998, the assumed exercise of stock
options had an anti-dilutive effect on earnings per share, and therefore was
excluded from the diluted earnings per share calculation.