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 ___________________________________ June 30, 1995 June 30, 1994 _____________ _____________ Number of shares on which earnings per share is based: Average outstanding during period 575,354,667 584,041,605 Add - Incremental shares under stock option and stock purchase plans 8,582,886 3,432,312 - Incremental shares related to 5 3/4% CGI convertible bonds 7,669,727 7,715,388 ___________ ___________ Number of shares on which fully diluted earnings per share is based 591,607,280 595,189,305 =========== =========== Net earnings available to common shareholders (millions) $ 1,711 $ 668 - Net earnings effect of interest on 5 3/4% CGI convertible bonds (millions) 5 5 ___________ ___________ Net earnings on which fully diluted earnings per share is based (millions) $ 1,716 $ 673 =========== =========== Fully diluted earnings per share $ 2.90 $ 1.13 Published earnings per share $ 2.97 $ 1.14 - 19 - COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE UNDER TREASURY STOCK METHOD SET FORTH IN ACCOUNTING PRINCIPLES BOARD OPINION NO. 15 - (CONTINUED) For Six Months Ended ______________________________ June 30, 1995 June 30, 1994 _____________ _____________ Number of shares on which earnings per share is based: Average outstanding during period 580,290,595 583,054,388 Add - Incremental shares under stock option and stock purchase plans 7,806,924 2,696,239 - Incremental shares related to 5 3/4% CGI convertible bonds 7,684,947 7,715,388 ____________ ____________ Number of shares on which fully diluted earnings per share is based 595,782,466 593,466,015 ============ ============ Net earnings available to common shareholders (millions) $ 2,953 $ 1,038 - Net earnings effect of interest on 5 3/4% CGI convertible bonds (millions) 9 9 ____________ ____________ Net earnings on which fully diluted earnings per share is based (millions) $ 2,962 $ 1,047 ============ ============ Fully diluted earnings per share $ 4.97 $ 1.76 Published earnings per share $ 5.09 $ 1.78 - 20 -