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, 1996 June 30, 1995
------------- -------------
Number of shares on which earnings
per share is based:
Average outstanding during period 533,879,895 575,354,667
Add - Incremental shares under stock
option and stock purchase plans 9,289,771 8,582,886
- Incremental shares related to
5 3/4% CGI convertible bonds - 7,669,727
----------- -----------
Number of shares on which fully diluted
earnings per share is based 543,169,666 591,607,280
----------- -----------
Net earnings available to common
shareholders (millions) $ 1,342 $ 1,711
- Net earnings effect of
interest on 5 3/4% CGI convertible
bonds (millions) - 5
----------- -----------
Net earnings on which fully
diluted earnings per share
is based (millions) $ 1,342 $ 1,716
=========== ===========
Fully diluted earnings per share $ 2.47 $ 2.90
Published earnings per share $ 2.51 $ 2.97
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, 1996 June 30, 1995
------------- -------------
Number of shares on which earnings
per share is based:
Average outstanding during period 539,091,709 580,290,595
Add - Incremental shares under stock
option and stock purchase plans 10,207,423 7,806,924
- Incremental shares related to
5 3/4% CGI convertible bonds - 7,684,947
----------- -----------
Number of shares on which fully diluted
earnings per share is based 549,299,132 595,782,466
----------- -----------
Net earnings available to common
shareholders (millions) $ 2,111 $ 2,953
- Net earnings effect of
interest on 5 3/4% CGI convertible
bonds (millions) - 9
----------- -----------
Net earnings on which fully
diluted earnings per share
is based (millions) $ 2,111 $ 2,962
=========== ===========
Fully diluted earnings per share $ 3.84 $ 4.97
Published earnings per share $ 3.92 $ 5.09