Exhibit No. 11
Computation for Earnings Per Share
For the Three and Six Months Ended June 30, 1995 and 1994
(amounts in millions except for per-share data)
Unaudited
Three Months Ended Six Months Ended
June 30 June 30
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1995 1994 1995 1994
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PRIMARY
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Common Stock and Common Stock Equivalents
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Average number of common shares
outstanding including shares
issuable under stock options 37.6 37.9 37.6 37.8
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Net Earnings Per Share
----------------------
Net earnings $52.7 $53.3 $87.1 $101.3
Less:
Dividend requirement on Series A
convertible preferred stock 4.7 4.8 9.4 9.5
Plus:
Tax benefit on dividends
applicable to unallocated
preferred shares 1.2 1.2 2.3 2.4
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Net earnings applicable
to common stock $49.2 $49.7 $80.0 $ 94.2
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Net earnings per share of common
stock $ 1.31 $ 1.31 $ 2.13 $ 2.49
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FULLY DILUTED
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Common Stock and Common Stock Equivalents
-----------------------------------------
Average number of common shares
outstanding including shares
issuable under stock options 37.6 37.9 37.6 37.8
Average number of common shares
issuable under the Employee
Stock Ownership Plan 5.4 5.5 5.4 5.5
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Average number of common and common
equivalent shares outstanding 43.0 43.4 43.0 43.3
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Pro forma Adjustment to Net Earnings
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Net earnings as reported $52.7 $53.3 $87.1 $101.3
Less:
Increased contribution to Employee
Stock Ownership Plan assuming
conversion of preferred shares
to common 1.9 1.9 3.7 3.9
Net reduction in tax benefits
assuming conversion of Employee
Stock Ownership Plan preferred
shares to common .2 .4 .5 .6
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Pro forma net earnings $50.6 $51.0 $82.9 $ 96.8
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Fully diluted net earnings per
share $ 1.18 $ 1.18 $ 1.93 $ 2.23
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