EXHIBIT 11
MARTIN MARIETTA CORPORATION AND SUBSIDIARIES
FORM 10-K
For the Year Ended December 31, 1994
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
Year Ended December 31
1994 1993 1992
---- ---- ----
ASSUMING NO DILUTION:
- --------------------
Average number of common shares
outstanding (1) 95,929,404 95,346,614 95,868,708
============ ============= ============
Earnings before cumulative effect of
accounting changes $635,633,000 $ 450,289,000 $345,423,000
Less: Preferred stock dividends 60,000,000 45,333,000 -
------------ ------------- ------------
Earnings before cumulative effect of
accounting changes applicable to
common stock 575,633,000 404,956,000 345,423,000
Cumulative effect of accounting changes - (429,432,000) -
------------ ------------- ------------
Net earnings (loss) applicable to common stock $575,633,000 $ (24,476,000) $345,423,000
============ ============= ============
Earnings (loss) per common share:
Before cumulative effect of accounting
changes $6.00 $4.25 $3.60
Cumulative effect of accounting changes - (4.51) -
----- ----- -----
Net earnings (loss) $6.00 $(0.26) $3.60
===== ===== =====
(1) Excludes common stock equivalents since the dilutive effect on earnings per
share assuming no dilution is less than 3%.
EXHIBIT 11 - continued
MARTIN MARIETTA CORPORATION AND SUBSIDIARIES
FORM 10-K
For the Year Ended December 31, 1994
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
Year Ended December 31
1994 1993 1992
---- ---- ----
ASSUMING FULL DILUTION:
- ----------------------
Average number of common shares outstanding 95,929,404 95,346,614 95,868,708
Dilutive stock options - based on the treasury stock
method using the December 31 market price,
if higher than average market price 1,063,977 1,294,357 -
Assumed conversion of the Convertible Preferred
Stock from the date of issuance 28,941,466 21,706,100 -
------------ ------------ ----------
125,934,847 118,347,071 95,868,708
============ ============ ==========
Earnings before cumulative effect of accounting
changes applicable to common stock $575,633,000 $404,956,000 $345,423,000
Add: Preferred stock dividends 60,000,000 45,333,000 -
------------ ------------ ------------
Earnings before cumulative effect of
accounting changes applicable to
common stock 635,633,000 450,289,000 345,423,000
Cumulative effect of accounting changes - (429,432,000) -
------------ ------------ ------------
Net earnings applicable to common stock $635,633,000 $20,857,000 $345,423,000
============ ============ ============
Earnings per common share:
Before cumulative effect of accounting
changes $5.05 $3.80 $3.60
Cumulative effect of accounting changes - * -
----- ----- -----
Net earnings $5.05 $ * $3.60
===== ===== =====
* Anti-dilutive