1
EXHIBIT 11
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
THREE MONTHS ENDED
SEPTEMBER 30, 1996
------------------------------
$1 2/3 PAR
VALUE CLASS H
COMMON STOCK COMMON STOCK
------------ ------------
(DOLLARS IN MILLIONS
EXCEPT PER SHARE AMOUNTS)
Net income attributable to common stocks....................... $1,208.5 $ 62.3
Dividends on preference stocks................................. 20.2 --
-------- -----
Earnings attributable to common stocks......................... 1,188.3 62.3
Dividends on common stocks..................................... 302.3 23.7
-------- -----
Undistributed earnings attributable to common stocks........... $ 886.0 $ 38.6
======== =====
Weighted average shares outstanding (in millions).............. 756.0 98.8
======== =====
Per Share Data
Earnings per share attributable to undistributed earnings from
continuing operations........................................ $ 1.17 $ 0.39
Dividends...................................................... 0.40 0.24
-------- -----
Earnings per share attributable to common stocks............... $ 1.57 $ 0.63
======== =====
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
34
2
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONTINUED
THREE MONTHS ENDED
SEPTEMBER 30, 1995
--------------------------------------------
$1 2/3 PAR
VALUE CLASS E CLASS H
COMMON STOCK COMMON STOCK COMMON STOCK
------------ ------------ ------------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations attributable to
common stocks..................................... $335.3 $ -- $ 61.4
Income from discontinued operations attributable to
common stocks..................................... 22.8 222.9 --
------ ------ -----
Net income attributable to common stocks............ 358.1 222.9 61.4
Dividends on preference stocks...................... 41.4 -- --
------ ------ -----
Earnings attributable to common stocks.............. 316.7 222.9 61.4
Dividends on common stocks.......................... 224.3 57.1 22.1
------ ------ -----
Undistributed earnings.............................. $ 92.4 $165.8 $ 39.3
====== ====== =====
Memo:
Adjusted earnings from continuing operations
attributable to common stocks..................... $ 69.6 $ -- $ 39.3
====== ====== =====
Adjusted earnings from discontinued operations
attributable to common stocks..................... $ 22.8 $165.8 $ --
====== ====== =====
Weighted average shares outstanding (in millions)... 748.2 438.8 95.9
====== ====== =====
Per Share Data
Earnings per share attributable to undistributed
earnings from continuing operations............... $0.09 $ -- $0.41
Earnings per share attributable to undistributed
earnings from discontinued operations............. 0.03 0.38 --
Dividends........................................... 0.30 0.13 0.23
------ ------ -----
Earnings per share attributable to common stocks.... $0.42 $0.51 $0.64
====== ====== =====
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
35
3
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONTINUED
NINE MONTHS ENDED
SEPTEMBER 30, 1996
--------------------------------------------
$1 2/3 PAR
VALUE CLASS E CLASS H
COMMON STOCK COMMON STOCK COMMON STOCK
------------ ------------ ------------
(DOLLARS IN MILLIONS
EXCEPT PER SHARE AMOUNTS)
Income from continuing operations attributable to
common stocks..................................... $3,953.5 $ -- $213.5
Income (Loss) from discontinued operations
attributable to common stocks..................... (5.4) 15.4 --
-------- ------- ------
Net income attributable to common stocks............ 3,948.1 15.4 213.5
Dividends on preference stocks...................... 60.7 -- --
-------- ------- ------
Earnings attributable to common stocks.............. 3,887.4 15.4 213.5
Dividends on common stocks.......................... 907.1 145.1 70.7
-------- ------- ------
Undistributed earnings (loss) attributable to common
stocks............................................ $2,980.3 $ (129.7) $142.8
======== ======= ======
Memo:
Undistributed earnings from continuing operations
attributable to common stocks..................... $2,985.7 $ -- $142.8
======== ======= ======
Loss from discontinued operations attributable to
common stocks..................................... $ (5.4) $ (129.7) $ --
======== ======= ======
Weighted average shares outstanding (in millions)... 755.7 470.1 98.2
======== ======= ======
Per Share Data
Earnings per share attributable to undistributed
earnings from continuing operations............... $ 3.95 $ -- $ 1.46
Loss per share attributable to discontinued
operations........................................ (0.01) (0.26) --
Dividends........................................... 1.20 0.30 0.72
-------- ------- ------
Earnings per share attributable to common stocks.... $ 5.14 $ 0.04 $ 2.18
======== ======= ======
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
36
4
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONCLUDED
NINE MONTHS ENDED
SEPTEMBER 30, 1995
------------------------------------------
$1 2/3 PAR
VALUE COMMON CLASS E CLASS H
STOCK COMMON STOCK COMMON STOCK
------------ ------------ ------------
(DOLLARS IN MILLIONS
EXCEPT PER SHARE AMOUNTS)
Income from continuing operations before cumulative
effect of accounting change attributable to common
stocks............................................... $4,242.5 $ -- $193.5
Income from discontinued operations attributable to
common stocks........................................ 79.4 551.1 --
Cumulative effect of accounting change................. (51.8) -- --
-------- ------ ------
Net income attributable to stocks...................... 4,270.1 551.1 193.5
Premium on repurchase of preference stocks............. 153.4 -- --
Dividends on preference stocks......................... 159.5 -- --
-------- ------ ------
Earnings attributable to common stocks................. 3,957.2 551.1 193.5
Dividends on common stocks............................. 598.8 148.3 65.7
-------- ------ ------
Undistributed earnings................................. $3,358.4 $402.8 $127.8
======== ====== ======
Memo:
Adjusted earnings from continuing operations
attributable to common stocks........................ $3,279.0 $ -- $127.8
======== ====== ======
Adjusted earnings from discontinued operations
attributable to common stocks........................ $ 79.4 $402.8 $ --
======== ====== ======
Weighted average shares outstanding (in millions)...... 749.0 393.0 95.2
Per Share Data
Earnings per share attributable to undistributed
earnings from continuing operations before cumulative
effect of accounting change.......................... $4.41 $ -- $1.34
Earnings per share attributable to undistributed
earnings from discontinued operations................ 0.11 1.01 --
Cumulative effect of accounting change................. (0.07) -- --
Dividends.............................................. 0.80 0.39 0.69
-------- ------ ------
$5.25 $1.40 $2.03
Earnings per share attributable to common stocks....... ======== ====== ======
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
37