1 EXHIBIT 11
FORM 10-Q for the Quarter
Ended September 30, 1996
File No. 1-11237
AT&T CAPITAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF PRIMARY AND FULLY DILUTED
EARNINGS PER SHARE
(In Thousands, except per share amounts)
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1996 1995 1996 1995
------- ------- ------- -------
Net income $40,467 $32,472 $115,290 $85,466
======= ======= ======= =======
Primary Earnings Per Share:
Weighted average number of
shares outstanding 47,018 46,940 46,993 46,942
Net effect of dilutive
stock options (based on the
treasury stock method using
average market price) 547 255 504 121
------- ------- ------- -------
Total 47,565 47,195 47,497 47,063
======= ======= ======= =======
Primary Earnings:
Per Share $ .85 $ .69 $ 2.43 $ 1.82
======= ======= ======= =======
Fully Diluted Earnings
Per Share:
Weighted average
number of shares
outstanding 47,018 46,940 46,993 46,942
Net effect of dilutive
stock options (based on
the treasury stock method
using the greater of the
average market price or
quarter end price) 555 515 568 523
------- ------- ------- -------
Total 47,573 47,455 47,561 47,465
======= ======= ======= =======
Fully diluted earnings
per share $ .85 $ .68 $ 2.42 $ 1.80
======= ======= ======= =======
* This calculation is submitted in accordance with Regulation S-K item 601(b) 11
although not required by footnote 2 to paragraph 14 of APB Opinion No. 15
because it results in dilution of less than 3%.