1
Exhibit 11
Ford Motor Company and Subsidiaries
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
IN ACCORDANCE WITH OPINION 15 OF THE ACCOUNTING PRINCIPLES BOARD
1994 1993 1992
------------------------------ ----------------------------- -----------------------------
Income Income (Loss)
Attributable Attributable Attributable
Avg. Shares to Common Avg. Shares to Common Avg. Shares to Common
of Common and Class B Stock of Common and Class B Stock of Common and Class B Stock
and Class B ----------------- and Class B ----------------- and Class B -----------------
Stock Per Stock Per Stock Per
Outstanding Total Share Outstanding Total Share Outstanding Total Share
----------- ----- ------- ----------- ----- ----- ----------- ------ -----
(Mils.) (Mils.) (Mils.) (Mils.) (Mils.) (Mils.)
Preliminary Earnings Per
Share Calculation 1,010 $5,021 $4.97 986 $2,241 $2.27 974 $(7,594) $(7.81)
I. Primary Earnings Per Share
--------------------------
. Assuming exercise of
options 45 46 24
. Assuming purchase of shares
with proceeds of options (27) (28) (14)
. Uncommitted ESOP shares (5) - -
. Assuming issuance of shares
contingently issuable 2 2 2
----- ----- ---
Net Common Stock
Equivalents 15 20 12
----- ----- ---
Primary Earnings Per Share
Calculation 1,025 $5,021 $4.90a/ 1,006 $2,241 $2.23a/ 986 $(7,594) $(7.81)a/
===== ====== ===== ===== ====== ===== === ======= ======
II. Fully Diluted Earnings Per Share
--------------------------------
Primary Earnings Per Share
Calculation 1,025 $5,021 $4.90a/ 1,006 $2,241 $2.23a/ 986 $(7,594) $(7.81)a/
. Assuming conversion of
convertible preferred stock 150 193b/ 150 193b/ 150 193b/
. Reduction in shares assumed
to be purchased with option
proceedsc/ 0 4 2
- ----- ------ ----- ------ ----- -------
Fully Diluted Earnings Per
Share Calculation 1,175 $5,214 $4.44 1,160 $2,434 $2.10 1,138 $(7,401) $(7.81)a/
===== ====== ===== ===== ====== ===== ===== ======= ====== -
- - - - - -
a/ The effect of common stock equivalents and/or other dilutive securities was
anti-dilutive or not material in this period; therefore, the amount
presented on the income statement is the Preliminary Earnings Per Share
Calculation.
b/ Reflects the elimination of preferred dividends upon conversion.
c/ Incremental effect of dividing assumed option proceeds by the ending price,
rather than the average price, of Common Stock for each period when the
ending price exceeds the average price.
Share data have been restated to reflect the 2-for-1 stock split that became
effective June 6, 1994.