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EXHIBIT 11
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKS
THREE MONTHS ENDED
MARCH 31, 1995
-------------------------------
$1 2/3
PAR VALUE CLASS E CLASS H
COMMON COMMON COMMON
STOCK STOCK STOCK
--------- ------- -------
(DOLLARS IN MILLIONS
EXCEPT
PER SHARE AMOUNTS)
Net income attributable to stocks................................. $ 1,968.3 $ 122.4 $63.3
Dividends on preference stocks.................................... 72.0 -- --
--------- ------- -----
Earnings attributable to common stocks............................ 1,896.3 122.4 63.3
Dividends on common stocks........................................ 150.8 34.2 21.6
--------- ------- -----
Undistributed earnings............................................ 1,745.5 88.2 41.7
Adjustments
Change in earnings attributable to each class of common stock
related to the assumed exercise of stock options*............ (1.7) -- 1.7
Dividends on assumed common stock transactions.................. (0.5) -- (0.6)
--------- ------- -----
Adjusted earnings attributable to common stocks................... $ 1,743.3 $ 88.2 $42.8
========= ======= =====
Weighted average shares outstanding (in millions)................. 752.6 300.0 94.2
Adjustment
Assumed exercise of dilutive stock options*..................... 2.6 -- 2.4
----- ----- -----
Adjusted weighted average shares outstanding...................... 755.2 300.0 96.6
===== ===== =====
Per Share Data
Earnings per share attributable to undistributed earnings on
common stocks................................................... $2.31 $0.29 $0.44
Dividends......................................................... 0.20 0.13 0.23
----- ----- -----
Earnings per share attributable to common stocks.................. $2.51 $0.42 $0.67
===== ===== =====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed exercise of stock options reflected by these adjustments has no
effect on Class E or Class H common stock earnings per share, because to the
extent that shares of Class E or Class H common stock deemed to be outstanding
would increase, such increased shares would also increase the numerator of the
fraction used to determine Available Separate Consolidated Net Income.
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2
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONCLUDED
THREE MONTHS ENDED
MARCH 31, 1994
---------------------------------
$1 2/3
PAR VALUE CLASS E CLASS H
COMMON COMMON COMMON
STOCK STOCK STOCK
--------- ------- -------
(DOLLARS IN MILLIONS
EXCEPT
PER SHARE AMOUNTS)
Net income attributable to stocks (before cumulative effect of
accounting change)............................................ $ 1,448.9 $92.1 $70.8
Dividends on preference stocks.................................. 86.8 -- --
--------- ----- -----
Earnings attributable to common stocks.......................... 1,362.1 92.1 70.8
Dividends on common stocks...................................... 145.2 30.9 18.1
--------- ----- -----
Undistributed earnings.......................................... 1,216.9 61.2 52.7
Adjustments
Change in earnings attributable to each class of common stock
related to the assumed exercise of stock options*.......... (1.3) -- 1.3
Dividends on assumed common stock transactions................ (1.5) -- (0.3)
--------- ----- -----
Adjusted earnings attributable to common stocks................. $ 1,214.1 $61.2 $53.7
========= ===== =====
Weighted average shares outstanding (in millions)............... 725.3 257.9 90.6
Adjustment
Assumed exercise of dilutive stock options*................... 7.3 -- 1.6
----- ----- -----
Adjusted weighted average shares outstanding.................... 732.6 257.9 92.2
===== ===== =====
Per Share Data
Earnings per share attributable to undistributed earnings on
common stocks (before cumulative effect of accounting
change)....................................................... $1.66 $0.24 $0.58
Cumulative effect of accounting change at January 1, 1994....... (1.05) -- (0.08)
Dividends....................................................... 0.20 0.12 0.20
----- ----- -----
Earnings per share attributable to common stocks................ $0.81 $0.36 $0.70
===== ===== =====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed exercise of stock options reflected by these adjustments has no
effect on Class E or Class H common stock earnings per share, because to the
extent that shares of Class E or Class H common stock deemed to be outstanding
would increase, such increased shares would also increase the numerator of the
fraction used to determine Available Separate Consolidated Net Income.
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