1
Exhibit 11
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LEHMAN BROTHERS HOLDINGS INC. AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
(IN MILLIONS, EXCEPT SHARE DATA)
Three Months Ended Six Months Ended
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June 30, June 30, June 30, June 30,
1994 1993 1994 1993
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PRIMARY:
Weighted average shares outstanding:
Common stock 105,594,043 105,608,423 105,601,193 105,608,423
Common stock equivalents:
Restricted stock units 73,056 73,056 73,056 73,056
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Total common stock and common stock equivalents 105,667,099 105,681,479 105,674,249 105,681,479
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Income (loss) from continuing operations before
cumulative effect of change in accounting
principle $ 20.1 $ 121.4 $ 75.0 $ (519.2)
Net income from discontinued operations 189.0
Cumulative effect of change in accounting
principle (12.7)
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Net Income (loss) $ 20.1 $ 121.4 $ 62.3 $ (330.2)
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Preferred dividends (8.0) (12.0) (20.0) (24.0)
Net income (loss) applicable to common stock $ 12.1 $ 109.4 $ 42.3 $ (354.2)
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EARNINGS PER SHARE:
Income (loss) from continuing operations before
cumulative effect of change in accounting principle $ .11 $ 1.04 $ .52 $ (5.14)
Discontinued operations 1.79
Cumulative effect of change in accounting principle (.12)
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Earnings per common share $ .11 $ 1.04 $ .40 $ (3.35)
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FULLY DILUTED:
Weighted average shares outstanding:
Common stock 105,594,043 105,608,423 105,601,193 105,608,423
Common stock equivalents:
Restricted stock units 73,056 73,056 73,056 73,056
----------- ----------- ----------- -----------
Total common stock and common stock equivalents 105,667,099 105,681,479 105,674,249 105,681,479
=========== =========== =========== ===========
Income (loss) from continuing operations before
cumulative effect of change in accounting
principle $ 20.1 $ 121.4 $ 75.0 $ (519.2)
Net income from discontinued operations 189.0
Cumulative effect of change in accounting
principle (12.7)
----------- ----------- ----------- -----------
Net Income (loss) $ 20.1 $ 121.4 $ 62.3 $ (330.2)
----------- ----------- ----------- -----------
Preferred dividends (8.0) (12.0) (20.0) (24.0)
Net income (loss) applicable to common stock $ 12.1 $ 109.4 $ 42.3 $ (354.2)
=========== =========== =========== ===========
EARNINGS PER SHARE:
Income (loss) from continuing operations before
cumulative effect of change in accounting principle $ .11 $ 1.04 $ .52 $ (5.14)
Discontinued operations 1.79
Cumulative effect of change in accounting principle (.12)
----------- ----------- ----------- -----------
Earnings per common share $ .11 $ 1.04 $ .40 $ (3.35)
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