THE CONTINENTAL CORPORATION EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(Millions, except share and per share amounts)
Column A Column B Column C Column D
Preferred Per Common Share
--------------------------
Earnings Dividends Fully
Description (Loss) for Primary Primary(1) Diluted(2)
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Year Ended Decmber 31, 1994:
Loss from Continuing Operations $ (642.4) $ 0.10 $ (11.60) $ (11.55)
Income from Discontinued Operations,
Net of Income Taxes $ 39.5 $ - $ 0.71 $ 0.71
Loss before Net Cumulative
Effect of Changes in Accounting
Principles $ (602.9) $ 0.10 $ (10.89) $ (10.84)
Net Cumulative Effect of Changes in
Accounting Principles $ - $ - $ - $ -
Net Loss $ (602.9) $ 0.10 $ (10.89) $ (10.84)
Weighted Average Shares of Common
Stock Outstanding
Primary - 55,439,251
Fully Diluted - 55,556,588
Year Ended Decmber 31, 1993:
Income from Continuing Operations $ 159.7 $ 3.20 $ 2.83 $ 2.86
Income from Discontinued Operations,
Net of Income Taxes $ 48.7 $ - $ 0.88 $ 0.87
Income before Net Cumulative
Effect of Changes in Accounting
Principles $ 208.4 $ 3.20 $ 3.71 $ 3.73
Net Cumulative Effect of Changes in
Accounting Principles $ 1.6 $ - $ 0.03 $ 0.03
Net Income $ 210.0 $ 3.20 $ 3.74 $ 3.76
Weighted Average Shares of Common
Stock Outstanding
Primary - 55,306,330
Fully Diluted - 55,846,590
Year Ended Decmber 31, 1992:
Income from Continuing Operations $ 102.0 $ 3.20 $ 1.80 $ 1.84
Loss from Discontinued Operations,
Net of Income Taxes $ (174.7) $ - $ (3.18) $ (3.15)
Loss before Net Cumulative
Effect of Changes in Accounting
Principles $ (72.7) $ 3.20 $ (1.38) $ (1.31)
Net Cumulative Effect of Changes in
Accounting Principles $ (11.0) $ - $ (0.20) $ (0.20)
Net Loss $ (83.7) $ 3.20 $ (1.58) $ (1.51)
Weighted Average Shares of Common
Stock Outstanding
Primary - 54,898,736
Fully Diluted - 55,486,242
<FN>
1 Per share amounts are computed on the weighted average number of common equivelant shares outstanding during the
period. Common equivelant shares include the dilutive effect of stock options and shares which would become issuable
pursuant to performance awards (See Note 20 of Notes to Consolidated Financial Statements on F-44 through F-47 in the
Proxy Statement). Dividend requirements on all preferred shares, plus any periodic accretion for the difference between
the liquidation value and the fair value of preferred shares, are deducted from earnings to derive common earnings, upon
which primary per share earnings are based.
2 Fully diluted per share amounts are computed on the weighted average number of common equivelant shares outstanding
during the period, increased by the assumed conversion of all convertible securities as of the beginning of each period.
Fully diluted earnings amounts are based on earnings after deduction of preferred dividends on shares which are not
convertible, but before deduction of dividends on convertible preferred shares.