1
EXHIBIT 11
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
YEAR ENDED DECEMBER 31, 1996
---------------------------------
$1 2/3
PAR VALUE CLASS E CLASS H
COMMON COMMON COMMON
STOCK STOCK STOCK
--------- ------- -------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations....... $4,670 $ -- $ 283
Income (loss) from discontinued
operations............................ (5) 15 --
------ ------ -----
Net income............................ 4,665 15 283
Dividends on preference stocks.......... 81 -- --
------ ------ -----
Earnings on common stocks............. 4,584 15 283
Dividends on common stocks.............. 1,209 145 94
------ ------ -----
Net earnings retained (loss
accumulated)....................... $3,375 $(130) $ 189
====== ====== =====
Memo:
Net earnings retained from continuing
operations............................ $3,380 $ -- $ 189
====== ====== =====
Loss accumulated from discontinued
operations............................ $ (5) $(130) $ --
====== ====== =====
Weighted average shares outstanding (in
millions)............................. 756 470 98
===== ==== ===
Per Share Data
Net earnings retained per share from
continuing operations................. $ 4.47 $ -- $1.92
Loss accumulated per share from
discontinued operations............... (0.01) (0.26) --
Cash dividends per share................ 1.60 0.30 0.96
------ ------ -----
Net earnings per share................ $ 6.06 $0.04 $2.88
====== ====== =====
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
IV-7
2
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONTINUED
YEAR ENDED DECEMBER 31, 1995
---------------------------------
$1 2/3
PAR VALUE CLASS E CLASS H
COMMON COMMON COMMON
STOCK STOCK STOCK
--------- ------- -------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations before cumulative effect
of accounting change...................................... $5,768 $ -- $ 265
Income from discontinued operations......................... 105 795 --
Cumulative effect of accounting change...................... (52) -- --
------ ----- -----
Net income................................................ 5,821 795 265
Preference shares tender offer premium...................... 153 -- --
Dividends on preference stocks.............................. 211 -- --
------ ----- -----
Earnings on common stocks................................. 5,457 795 265
Dividends on common stocks.................................. 824 205 88
------ ----- -----
Net earnings retained..................................... $4,633 $ 590 $ 177
====== ===== =====
Memo:
Net earnings retained from continuing operations............ $4,528 $ -- $ 177
====== ===== =====
Income retained from discontinued operations................ $ 105 $ 590 $ --
====== ===== =====
Weighted average shares outstanding (in millions)........... 750 405 96
===== ==== ===
Per Share Data
Net earnings retained per share from continuing operations
before cumulative effect of accounting change............. $ 6.04 $ -- $1.85
Income retained per share from discontinued operations...... 0.14 1.44 --
Cumulative effect of accounting change...................... (0.07) -- --
Cash dividends per share.................................... 1.10 0.52 0.92
------ ----- -----
Net earnings per share.................................... $ 7.21 $1.96 $2.77
====== ===== =====
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
IV-8
3
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONCLUDED
YEAR ENDED DECEMBER 31, 1994
---------------------------------
$1 2/3
PAR VALUE CLASS E CLASS H
COMMON COMMON COMMON
STOCK STOCK STOCK
--------- ------- -------
(DOLLARS IN MILLIONS EXCEPT
PER SHARE AMOUNTS)
Income from continuing operations before cumulative effect
of accounting change...................................... $4,617 $ -- $ 249
Income from discontinued operations......................... 349 444 --
Cumulative effect of accounting change...................... (751) -- (7)
------ ----- ------
Net income................................................ 4,215 444 242
Dividends on preference stocks.............................. 321 -- --
------ ----- ------
Earnings on common stocks................................. 3,894 444 242
Dividends on common stocks.................................. 593 125 74
------ ----- ------
Net earnings retained..................................... $3,301 $ 319 $ 168
====== ===== ======
Memo:
Net earnings retained from continuing operations............ $2,952 $ -- $ 168
====== ===== ======
Income retained from discontinued operations................ $ 349 $ 319 $ --
====== ===== ======
Weighted average shares outstanding (in millions)........... 741 260 92
===== ==== ===
Per Share Data
Net earnings retained per share from continuing operations
before cumulative effect of accounting change............. $ 4.94 $ -- $ 1.90
Income retained per share from discontinued operations...... 0.46 1.23 --
Cumulative effect of accounting change...................... (1.05) -- (0.08)
Cash dividends per share.................................... 0.80 0.48 0.80
------ ----- ------
Net earnings per share.................................... $ 5.15 $1.71 $ 2.62
====== ===== ======
- -------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
IV-9