Exhibit 11
Viacom Inc. and Subsidiaries
Computation of Net Earnings Per Share
Quarter ended June 30, Six months ended June 30,
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1996 1995 1996 1995
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(In millions, except per share amounts)
EARNINGS:
Net earnings from continuing operations...................... $ 23.3 $ 39.2 $ 40.6 $ 73.8
Cumulative convertible perferred stock dividend
requirement................................................. 15.0 15.0 30.0 30.0
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Earnings from continuing operations attributable to
common stock................................................ 8.3 24.2 10.6 43.8
Earnings from discontinued operations, net of tax............ 17.8 13.8 28.3 50.4
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Net earnings atributable to common stock..................... $ 26.1 $ 38.0 $ 38.9 $ 94.2
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PRIMARY COMPUTATION:
SHARES:
Weighted average number of common shares................... 371.6 360.0 370.8 359.6
Common shares potentially issuable in connection
with:
Stock options and warrants................................ 4.4 8.6 4.6 8.5
Contingent value rights (a)............................... -- 1.8 -- 1.8
Variable common rights (b)................................ -- 15.7 -- 15.7
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Weighted average common shares and common
share equivalents........................................ 376.0 386.1 375.4 385.6
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NET EARNINGS PER COMMON SHARE:
Net earnings from continuing operations.................. $ .02 $ .06 $ 0.03 $ 0.11
Earnings from discontinued operations, net of
tax.................................................... .05 .04 0.07 0.13
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Net earnings............................................. $ .07 $ .10 $ 0.10 $ 0.24
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FULLY DILUTED COMPUTATION: (C)
SHARES
Weighted average number of common shares
outstanding............................................. 371.6 360.0 370.8 359.6
Common shares potentially issuable in connection
with:
Stock options and warrants.............................. 4.4 9.3 4.7 9.1
Contingent value rights (a)............................. -- 1.8 -- 1.8
Variable common rights (b).............................. -- 15.7 -- 15.7
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Weighted average common shares and common
share equivalents........................................ 376.0 386.8 375.5 386.2
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NET EARNINGS PER COMMON SHARE:
Net earnings from continuing operations................... $ .02 $ .06 $ 0.03 $ 0.11
Earnings from discontinued operations, net of tax......... .05 .04 0.07 0.13
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Net earnings.............................................. $ .07 $ .10 $ 0.10 $ 0.24
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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 its 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 1996 and 1995, and, therefore, were
excluded from the fully diluted earnings per share computation.