EXHIBIT 11
LEHMAN BROTHERS HOLDINGS INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(IN MILLIONS, EXCEPT SHARE DATA)
TWELVE MONTHS ELEVEN MONTHS TWELVE MONTHS
ENDED ENDED ENDED
NOVEMBER 30 NOVEMBER 30 DECEMBER 31
1995 1994 1993
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PRIMARY:
Weighted average shares outstanding:
Common stock.................................. 104,535,218 105,436,860 105,608,423
Common stock issuable......................... 8,420,122 2,532,543
Common stock equivalents...................... 459,344 61,389 73,056
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Total........................................... 113,414,684 108,030,792 105,681,479
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Income (loss) from continuing operations before
cumulative effect of change in accounting
principle..................................... $ 242.2 $ 125.2 $ (291.0)
Net income from discontinued operations......... 189.4
Cumulative effect of change in accounting
principle....................................... (12.7)
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Net income (loss)............................... 242.2 112.5 (101.6)
Preferred dividends............................. (42.3) (37.6) (47.9)
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Net income (loss) applicable to common stock.... $ 199.9 $ 74.9 $ (149.5)
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Earnings Per Common Share:
Income (loss) from continuing operations before
cumulative effect of change in accounting
principle..................................... $ 1.76 $ 0.81 $ (3.20)
Discontinued operations......................... 1.79
Cumulative effect of change in accounting
principle....................................... (0.12)
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Earnings per common share....................... $ 1.76 $ 0.69 $ (1.41)
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FULLY DILUTED:
Weighted average shares outstanding:
Common stock.................................. 104,535,218 105,436,860 105,608,423
Common stock issuable......................... 8,420,122 2,532,543
Common stock equivalents...................... 551,936 61,389 73,056
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Total........................................... 113,507,276 108,030,792 105,681,479
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Income (loss) from continuing operations before
cumulative effect of change in accounting
principle..................................... $ 242.2 $ 125.2 $ (291.0)
Net income from discontinued operations......... 189.4
Cumulative effect of change in accounting
principle....................................... (12.7)
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Net income (loss)............................... 242.2 112.5 (101.6)
Preferred dividends............................. (42.3) (37.6) (47.9)
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Net income (loss) applicable to common stock.... $ 199.9 $ 74.9 $ (149.5)
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Earnings Per Common Share:
Income (loss) from continuing operations before
cumulative effect of change in accounting
principle..................................... $ 1.76 $ 0.81 $ (3.20)
Discontinued operations......................... 1.79
Cumulative effect of change in accounting
principle..................................... (0.12)
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Earnings per common share....................... $ 1.76 $ 0.69 $ (1.41)
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