EXHIBIT 11
COMPUTATION OF FULLY DILUTED EARNINGS PER
SHARE UNDER TREASURY STOCK METHOD SET FORTH
IN ACCOUNTING PRINCIPLES BOARD OPINION NO. 15
For Three Months Ended
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March 31, 1995 March 31, 1994
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Number of shares on which earnings
per share is based:
Average outstanding during period 585,226,523 582,067,170
Add - Incremental shares under stock
option and stock purchase plans 6,909,834 2,184,080
- Incremental shares
related to 5 3/4% CGI convertible
bonds (average) 7,715,388 7,715,400
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Number of shares on which fully diluted
earnings per share is based 599,851,745 591,966,650
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Net earnings applicable to
common shareholders (millions) $ 1,242 $ 371
- Net earnings effect of
interest on 5 3/4% CGI convertible
bonds (millions) 4 4
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Net earnings on which fully
diluted earnings per share
is based (millions) $ 1,246 $ 375
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Fully diluted earnings per share $ 2.08 $ .63
Published earnings per share $ 2.12 $ .64
- 15 -