EXHIBIT 11
PAGE 1 OF 2
COLGATE-PALMOLIVE COMPANY
COMPUTATION OF EARNINGS PER COMMON SHARE
DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS (UNAUDITED)
YEAR ENDED DECEMBER 31,
--------------------------
1995 1994 1993
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PRIMARY
EARNINGS:
Income before changes in accounting............................... $172.0 $580.2 $548.1
Deduct: Dividends on preferred shares............................. 21.6 21.6 21.6
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Income applicable to common shares before cumulative effect on
prior years of accounting changes............................... 150.4 558.6 526.5
Cumulative effect on prior years of accounting changes............ -- -- (358.2)
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Net income applicable to common shares............................ $150.4 $558.6 $168.3
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SHARES (IN MILLIONS):
Weighted average shares outstanding............................... 145.2 146.2 155.9
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EARNINGS PER COMMON SHARE, PRIMARY:
Income before changes in accounting............................... $ 1.04 $ 3.82 $ 3.38
Cumulative effect on prior years of accounting changes............ -- -- (2.30)
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Net income per share.............................................. $ 1.04 $ 3.82 $ 1.08
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EXHIBIT 11
PAGE 2 OF 2
COLGATE-PALMOLIVE COMPANY
COMPUTATION OF EARNINGS PER COMMON SHARE
DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS (UNAUDITED)
YEAR ENDED DECEMBER 31,
--------------------------
1995 1994 1993
------ ------ ------
ASSUMING FULL DILUTION
EARNINGS:
Income before changes in accounting............................... $172.0 $580.2 $548.1
Deduct: Dividends on preferred shares............................. 21.6 .5 .5
Deduct: Replacement funding....................................... -- 7.8 9.5
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Income applicable to common shares before cumulative effect on
prior years of accounting changes............................... 150.4 571.9 538.1
Cumulative effect on prior years of accounting changes............ -- -- (358.2)
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Net income applicable to common shares............................ $150.4 $571.9 $179.9
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SHARES (IN MILLIONS):
Weighted average shares outstanding............................... 145.2 146.2 155.9
Add: Assumed exercise of options reduced by the number of shares
purchased with the proceeds....................................... 2.6 1.9 2.5
Add: Assumed conversion of Series B Convertible Preference
Stock............................................................. -- 12.2 12.4
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Adjusted weighted average shares outstanding...................... 147.8 160.3 170.8
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EARNINGS PER COMMON SHARE, ASSUMING FULL DILUTION:
Income before changes in accounting............................... $ 1.02 $ 3.56 $ 3.15
Cumulative effect on prior years of accounting changes............ -- -- (2.10)
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Net income per share.............................................. $ 1.02 $ 3.56 $ 1.05
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The calculation of fully diluted earnings per share excludes the effect of
antidilutive securities for 1995.