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EXHIBIT 11
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
THREE MONTHS ENDED
JUNE 30, 1996
------------------------------------
$1 2/3 PAR CLASS
VALUE CLASS E H
COMMON COMMON COMMON
STOCK STOCK STOCK
------------- ------- ------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations attributable to common
stocks................................................... $ 2,020.3 $ -- $75.2
Income (Loss) from discontinued operations attributable to
common stocks............................................ (15.0) (193.8) --
-------- ------- -----
Net income (loss) attributable to common stocks............ 2,005.3 (193.8) 75.2
Dividends on preference stocks............................. 20.2 -- --
-------- ------- -----
Earnings (Loss) attributable to common stocks.............. 1,985.1 (193.8) 75.2
Dividends on common stocks................................. 297.4 73.1 23.6
-------- ------- -----
Undistributed earnings (loss) attributable to common
stocks................................................... $ 1,687.7 $(266.9) $51.6
======== ======= =====
Memo:
Undistributed earnings from continuing operations
attributable to common stocks............................ $ 1,702.7 $ -- $51.6
======== ======= =====
Undistributed earnings (loss) from discontinued operations
attributable to common stocks............................ $ (15.0) $(266.9) $ --
======== ======= =====
Weighted average shares outstanding (in millions).......... 755.9 479.3 98.2
======== ======= =====
Per Share Data
Earnings per share attributable to undistributed earnings
from continuing operations............................... $ 2.25 $ -- $0.53
Earnings (Loss) per share attributable to undistributed
earnings from discontinued operations.................... (0.02) (0.56) --
Dividends.................................................. 0.40 0.15 0.24
-------- ------- -----
Earnings (Loss) per share attributable to common stocks.... $ 2.63 $(0.41) $0.77
======== ======= =====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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2
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONTINUED
THREE MONTHS ENDED
JUNE 30, 1995
---------------------------------
$1 2/3 PAR CLASS CLASS
VALUE E H
COMMON COMMON COMMON
STOCK STOCK STOCK
------------- ------ ------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations attributable to common
stocks...................................................... $ 2,013.3 $ -- $68.8
Income (Loss) from discontinued operations attributable to
common stocks............................................... (17.8) 205.8 --
-------- ------ -----
Net income attributable to common stocks...................... 1,995.5 205.8 68.8
Premium on repurchase of preference stocks.................... (153.4) -- --
Dividends on preference stocks................................ (46.1) -- --
-------- ------ -----
Earnings attributable to common stocks........................ 1,796.0 205.8 68.8
Dividends on common stocks.................................... 223.7 57.1 22.0
-------- ------ -----
Undistributed earnings........................................ 1,572.3 148.7 46.8
Adjustments
Change in earnings attributable to each class of common
stock related to the assumed exercise of stock
options*................................................. (1.5) -- 1.5
Dividends on assumed common stock transactions.............. (1.1) -- (0.4)
-------- ------ -----
Adjusted earnings attributable to common stocks............... $ 1,569.7 $148.7 $47.9
======== ====== =====
Memo:
Adjusted earnings from continuing operations attributable to
common stocks............................................ $ 1,587.5 $ -- $47.9
======== ====== =====
Adjusted earnings from discontinued operations attributable
to common stocks......................................... $ (17.8) $148.7 $ --
======== ====== =====
Weighted average shares outstanding (in millions)............. 746.3 438.7 95.4
Adjustment
Assumed exercise of dilutive stock options*................. 3.8 0.1 2.1
-------- ------ -----
Adjusted weighted average shares outstanding.................. 750.1 438.8 97.5
======== ====== =====
Per Share Data
Earnings per share attributable to undistributed earnings from
continuing operations....................................... $ 2.11 $ -- $0.49
Earnings (Loss) per share attributable to undistributed
earnings from discontinued operations....................... (0.02) 0.34 --
Dividends..................................................... 0.30 0.13 0.23
-------- ------ -----
Earnings per share attributable to common stocks.............. $ 2.39 $0.47 $0.72
======== ====== =====
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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3
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONTINUED
SIX MONTHS ENDED
JUNE 30, 1996
-----------------------------------
$1 2/3 PAR CLASS
VALUE CLASS E H
COMMON COMMON COMMON
STOCK STOCK STOCK
-------------- ------- ------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations attributable to common
stocks..................................................... $2,745.0 $ -- $151.2
Income (Loss) from discontinued operations attributable to
common stocks.............................................. (5.4) 15.4 --
-------- ------- ------
Net income attributable to common stocks..................... 2,739.6 15.4 151.2
Dividends on preference stocks............................... 40.5 -- --
-------- ------- ------
Earnings attributable to common stocks....................... 2,699.1 15.4 151.2
Dividends on common stocks................................... 604.7 145.1 46.9
-------- ------- ------
Undistributed earnings (loss) attributable to common
stocks..................................................... $2,094.4 $(129.7) $104.3
======== ======= ======
Memo:
Undistributed earnings from continuing operations
attributable to common stocks.............................. $2,099.8 $ -- $104.3
======== ======= ======
Undistributed earnings (loss) from discontinued operations
attributable to common stocks.............................. $ (5.4) $(129.7) $ --
======== ======= ======
Weighted average shares outstanding (in millions)............ 755.6 470.1 97.8
======== ======= ======
Per Share Data
Earnings per share attributable to undistributed earnings
from continuing operations................................. $ 2.78 $ -- $1.07
Earnings (Loss) per share attributable to undistributed
earnings from discontinued operations...................... (0.01) (0.26) --
Dividends.................................................... 0.80 0.30 0.48
-------- ------- ------
Earnings per share attributable to common stocks............. $ 3.57 $ 0.04 $1.55
======== ======= ======
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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4
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONCLUDED
SIX MONTHS ENDED
JUNE 30, 1995
------------------------------------
$1 2/3 PAR CLASS
VALUE CLASS E H
COMMON COMMON COMMON
STOCK STOCK STOCK
------------- ------- ------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations before cumulative effect
of accounting change attributable to common stocks....... $ 3,907.2 $ -- $132.1
Income from discontinued operations attributable to common
stocks................................................... 56.6 328.2 --
Cumulative effect of accounting change..................... (51.8) -- --
--------- ------- ------
Net income attributable to stocks.......................... 3,912.0 328.2 132.1
Premium on repurchase of preference stocks................. (153.4) -- --
Dividends on preference stocks............................. (118.1) -- --
--------- ------- ------
Earnings attributable to common stocks..................... 3,640.5 328.2 132.1
Dividends on common stocks................................. 374.5 91.3 43.6
--------- ------- ------
Undistributed earnings..................................... 3,266.0 236.9 88.5
Adjustments
Change in earnings attributable to each class of common
stock related to the assumed exercise of stock
options*.............................................. (3.0) -- 3.0
Dividends on assumed common stock transactions........... (1.9) -- (1.0)
--------- ------- ------
Adjusted earnings attributable to common stocks............ $ 3,261.1 $ 236.9 $90.5
========= ======= ======
Memo:
Adjusted earnings from continuing operations attributable
to common stocks......................................... $ 3,204.5 $ -- $90.5
========= ======= ======
Adjusted earnings from discontinued operations attributable
to common stocks......................................... $ 56.6 $ 236.9 $ --
========= ======= ======
Weighted average shares outstanding (in millions).......... 749.4 369.7 94.8
Adjustment
Assumed exercise of dilutive stock options*.............. 3.8 0.1 2.1
--------- ------- ------
Adjusted weighted average shares outstanding............... 753.2 369.8 96.9
========= ======= ======
Per Share Data
Earnings per share attributable to undistributed earnings
from continuing operations before cumulative effect of
accounting change........................................ $ 4.32 $ -- $0.93
Earnings per share attributable to undistributed earnings
from discontinued operations............................. 0.08 0.64 --
Cumulative effect of accounting change..................... (0.07) -- --
Adjustment................................................. -- (0.01)** --
Dividends.................................................. 0.50 0.26 0.46
--------- ------- ------
Earnings per share attributable to common stocks........... $ 4.83 $ 0.89 $1.39
========= ======= ======
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.
** The per-share reported earnings attributable to Class E common stock of $0.89
equals the sum of the separate computations of each of the first two
quarters, consistent with the requirements for calculating earnings per share
based on EDS earnings and the Class E denominator. The six month calculation
shown above (based on 1995 weighted average outstanding Class E shares for
the period) requires an adjustment of ($0.01) due to the significant
differences in the average number of shares outstanding in each quarter
resulting from the Class E stock contribution to the U.S. hourly pension
plan.
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