Exhibit No. 11(b)
COMPUTATION FOR FULLY DILUTED EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED March 31, 1997 AND 1996
(AMOUNTS IN MILLIONS EXCEPT FOR PER-SHARE DATA)
UNAUDITED
Three Months Ended
March 31
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1997 1996
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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 41.3 37.5
Average number of common shares issuable
under the Employee Stock Ownership Plan -- 5.3
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Average number of common and common
equivalent shares outstanding 41.3 42.8
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Adjustments to Earnings
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Net Earnings $45.5 $36.3
Less:
Increased contribution to the Employee
Stock Ownership Plan assuming
conversion of preferred shares to
common -- 1.5
Net reduction in tax benefits assuming
conversion of the Employee Stock
Ownership Plan preferred shares to
common -- 0.3
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Pro forma earnings available for common shareholders $45.5 $34.5
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Fully diluted earnings per share of common stock $1.10 $0.81
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