Exhibit 11
Viacom Inc. and Subsidiaries
Computation of Net Earnings Per Share
Year ended December 31,
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1995 1994 1993
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(In millions, except per share amounts)
Earnings:
Net earnings from continuing operations......... $214.9 $130.5 $ 169.5
Cumulative convertible preferred stock dividend
requirement................................... 60.0 75.0 12.8
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Earnings from continuing operations attributable
to common stock............................... 154.9 55.5 156.7
Earnings (loss) from discontinued operations, net
of tax........................................ 7.6 (20.5) --
Extraordinary loss, net of tax.................. -- (20.4) (8.9)
Cumulative effect of change in accounting
principle..................................... -- -- 10.4
Net earnings attributable to common stock....... $162.5 $ 14.6 $ 158.2
Primary Computation:
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Shares:
Weighted average number of common shares..... 362.4 207.6 120.6
Common shares potentially issuable in
connection with:
Stock options and warrants................ 8.3 2.6 --
Contingent value rights (a)............... -- 5.8 --
Variable common rights (b)................ 4.4 4.0 --
Weighted average common shares and common
share equivalents......................... 375.1 220.0 120.6
Net earnings per common share:
Net earnings from continuing operations..... $ .41 $ .25 $ 1.30
Earnings (loss) from discontinued operations,
net of tax.................................. .02 (.09) --
Extraordinary loss, net of tax.............. -- (.09) (.07)
Cumulative effect of change in accounting
principle................................... -- -- .08
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Net earnings................................ $ .43 $ .07 $ 1.31
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Fully Diluted Computation (c):
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Shares:
Weighted average number of common shares
outstanding................................ 362.4 207.6 120.6
Common shares potentially issuable in
connection with:
Stock options and warrants................ 8.6 3.0 --
Contingent value rights (a)............... -- 5.8 --
Variable common rights (b)................ 4.5 4.0 --
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Weighted average common shares and common
share equivalents......................... 375.5 220.4 120.6
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Net earnings per common share:
Net earnings from continuing operations...... $ .41 $ .25 $ 1.30
Earnings (loss) from discontinued operations,
net of tax................................ .02 (.09) --
Extraordinary loss, net of tax............... -- (.09) (.07)
Cumulative effect of change in accounting
principle................................. -- -- .08
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Net earnings................................. $ .43 $ .07 $ 1.31
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(a) The contingent value rights (the "CVRs") matured on July 7, 1995. The
Company paid approximately $81.9 million in cash of approximately $1.44
per CVR to settle is obligation.
(b) The variable common rights (the "VCRs") matured on September 29, 1995.
The Company issued approximately 6.1 million shares of Viacom Inc.
Class B Common Stock, or .022665 of a share of Viacom Inc. Class B Common
Stock per VCR, to settle its obligation under the VCRs.
(c) The Preferred Stock and related dividend requirement had an
anti-dilutive effect on earnings per share in 1995, 1994 and 1993 and,
therefore, were excluded from the computation.