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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, 1996
---------------------------------
CLASS CLASS
$1 2/3 PAR E H
VALUE COMMON COMMON
COMMON STOCK STOCK STOCK
------------- ------ ------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Net income attributable to stocks............................. $734.3 $209.2 $76.0
Dividends on preference stocks................................ 20.3 -- --
------ ------ -----
Earnings attributable to common stocks........................ 714.0 209.2 76.0
Dividends on common stocks.................................... 307.3 72.0 23.4
------ ------ -----
Undistributed earnings attributable to common stocks.......... $406.7 $137.2 $52.6
====== ====== =====
Weighted average shares outstanding (in millions)............. 755.2 463.2 97.4
====== ====== =====
Per Share Data
Earnings per share attributable to undistributed earnings on
common stocks............................................... $0.54 $0.30 $0.54
Dividends..................................................... 0.40 0.15 0.24
----- ----- -----
$0.94 $0.45 $0.78
Earnings per share attributable to common stocks.............. ===== ===== =====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONCLUDED
THREE MONTHS ENDED
MARCH 31, 1995
-----------------------------------
CLASS CLASS
$1 2/3 PAR E H
VALUE COMMON COMMON
COMMON STOCK STOCK STOCK
------------- ------ ------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Net income before cumulative effect of accounting change
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 before cumulative effect of accounting
change.................................................... $2.31 $0.29 $0.44
Cumulative effect of accounting change at January 1, 1995... (0.07) -- --
Dividends................................................... 0.20 0.13 0.23
----- ----- -----
$2.44 $0.42 $0.67
Earnings per share attributable to common stocks............ ===== ===== =====
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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