EXHIBIT 11
COMPUTATION OF FULLY DILUTED EARNINGS PER
SHARE UNDER TREASURY STOCK METHOD SET FORTH
IN ACCOUNTING PRINCIPLES BOARD OPINION NO. 15
For Quarter Ended
________________________________________
September 30, 1994 September 30, 1993*
___________________ ___________________
Number of shares on which earnings
(loss) per share is based:
Average outstanding during period 586,270,999 572,531,607
Add - Incremental shares under stock
option and stock purchase plans 5,584,543 --
- Incremental shares related to
5 3/4% CGI convertible bonds 7,715,388 --
___________ _____________
Number of shares on which fully diluted
earnings (loss) per share is based 599,570,930 572,531,607
============ =============
Net earnings (loss) available to
common shareholders (millions) $ 689 $ (70)
- Net earnings (loss) effect of
interest on 5 3/4% CGI convertible
bonds (millions) 5 --
____________ ____________
Net earnings (loss) on which fully
diluted earnings per share
is based (millions) $ 694 $ (70)
============ ============
Fully diluted earnings (loss) per share $ 1.16 $ (.12)
Published earnings (loss) per share $ 1.18 $ (.12)
* In 1993, incremental shares under stock plans and the effect of the
convertible bonds were not considered for the fully diluted earnings
(loss) per share calculation due to their antidilutive effect.
As such, the amounts reported for published and fully diluted earnings
(loss) per share are the same.
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COMPUTATION OF FULLY DILUTED EARNINGS PER
SHARE UNDER TREASURY STOCK METHOD SET FORTH
IN ACCOUNTING PRINCIPLES BOARD OPINION NO. 15 - (CONTINUED)
For Nine Months Ended
________________________________________
September 30, 1994 September 30, 1993*
___________________ ___________________
Number of shares on which earnings
(loss) per share is based:
Average outstanding during period 584,126,591 571,093,151
Add - Incremental shares under stock
option and stock purchase plans 3,659,358 --
- Incremental share related to
5 3/4% CGI convertible bonds 7,715,392 --
______________ _______________
Number of shares on which fully diluted
earnings (loss) per share is based 595,501,341 571,093,151
============== ===============
Net earnings (loss) available to
common shareholders (millions) $ 1,727 $ (8,510)
- Net earnings (loss) effect of
interest on 5 3/4% CGI convertible
bonds (millions) 14 --
______________ ______________
Net earnings (loss) on which fully
diluted earnings per share
is based (millions) $ 1,741 $ (8,510)
============== ==============
Fully diluted earnings (loss) per share $ 2.92 $ (14.90)
Published earnings (loss) per share $ 2.96 $ (14.90)
* In 1993, incremental shares under stock plans and the effect of the
convertible bonds were not considered for the fully diluted earnings
(loss) per share calculation due to their antidilutive effect.
As such, the amounts reported for published and fully diluted earnings
(loss) per share are the same.
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