Exhibit No. 11(b)
Computation for Fully Diluted Earnings Per Share
For the Three Months Ended March 31, 1996 and 1995
(amounts in millions except for per-share data)
Unaudited
Three Months Ended
March 31
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1996 1995
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Common Stock and Common Stock Equivalents
- -----------------------------------------
Average number of common shares
outstanding including shares
issuable under stock options 37.5 37.5
Average number of common shares issuable under
the Employee Stock Ownership Plan 5.3 5.6
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Average number of common and common equivalent
shares outstanding 42.8 43.1
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Pro Forma Adjustment to Earnings from
- -------------------------------------
Continuing Businesses
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Earnings from continuing businesses
before pro forma adjustments $ 36.3 $ 26.5
Less:
Increased contribution to the Employee
Stock Ownership Plan assuming conversion
of preferred shares to common 1.5 1.8
Net reduction in tax benefits assuming
conversion of the Employee Stock Ownership
Plan preferred shares to common .3 .3
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Pro forma earnings from continuing businesses $ 34.5 $ 24.4
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Fully diluted earnings per share from
continuing businesses $ .81 $ .57
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Pro Forma Adjustment to Net Earnings
- ------------------------------------
Net earnings as reported $ 36.3 $ 34.4
Less:
Increased contribution to the Employee Stock
Ownership Plan assuming conversion of
preferred shares to common 1.5 1.8
Net reduction in tax benefits assuming
conversion of the Employee Stock Ownership
Plan preferred shares to common .3 .3
----- -----
Pro forma net earnings $ 34.5 $ 32.3
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Fully diluted net earnings per share $ .81 $ .75
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