EXHIBIT 11 E. I. DU PONT DE NEMOURS AND COMPANY EARNINGS PER SHARE--ASSUMING FULL DILUTION (DOLLARS IN MILLIONS, EXCEPT PER SHARE) YEARS ENDED DECEMBER 31 ------------------------------------------------------------ 1993 1992 1991 1990 1989 ----------- ----------- ----------- ----------- ----------- Earnings (loss) on com- mon stock.............. $ 545 $ (3,937) $ 1,393 $ 2,300 $ 2,470 Adjustments required for dividend equivalent payments and stock appreciation rights (net of tax)........... -- -- 1 (2) 2 Adjustments required for interest on convertible debt(a)................ -- -- -- 15 -- ----------- ----------- ----------- ----------- ----------- Adjusted earnings (loss) on common stock........ $ 545 $ (3,937) $ 1,394 $ 2,313 $ 2,472 =========== =========== =========== =========== =========== Average number of shares outstanding (excludes shares in treasury).... 676,622,115 673,454,935 670,743,786 675,960,751 700,505,538 Adjustments required for awarded but undelivered shares under the Variable Compensation Plan (average), stock options, and stock appreciation rights(b). 3,785,582 -- 4,740,453 1,951,293 2,562,918 Adjustments required for convertible debt(a) ... -- -- -- 5,404,509 -- ----------- ----------- ----------- ----------- ----------- Adjusted average number of common shares....... 680,407,697 673,454,935 675,484,239 683,316,553 703,068,456 =========== =========== =========== =========== =========== Earnings (loss) per share--assuming full dilution............... $ .80 $ (5.85) $ 2.06 $ 3.38 $ 3.52 =========== =========== =========== =========== =========== Earnings (loss) per share--as published.... $ .81 $ (5.85) $ 2.08 $ 3.40 $ 3.53 =========== =========== =========== =========== =========== - -------- (a) The Zero Coupon Convertible Subordinated Notes were retired during 1992. 1991 versus 1990 convertible debt was outstanding for the entire year; as a result, conversion was antidilutive, and no adjustment was required in 1991. (b) In 1992, these adjustments are not considered for the fully diluted earnings per share calculation due to their antidilutive effect.