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EXHIBIT 11
ROCKWELL INTERNATIONAL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
FOR THE FIVE YEARS ENDED SEPTEMBER 30, 1996
FISCAL YEAR ENDED SEPTEMBER 30,
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1996 1995 1994 1993 1992
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(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
PRIMARY EARNINGS PER SHARE:
Income from continuing operations before change in
accounting....................................... $555.0 $493.0 $351.0 $302.0 $243.0
Deduct dividend requirements on preferred stock.... 0.2 0.2 0.3 0.3 0.3
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Total primary earnings from continuing
operations before change in accounting... $554.8 $492.8 $350.7 $301.7 $242.7
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Average number of common shares outstanding during
the year......................................... 217.6 217.2 220.5 219.8 223.6
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Primary earnings per share from continuing
operations before change in accounting........... $ 2.55 $ 2.27 $ 1.59 $ 1.37 $ 1.09
Primary earnings per share from discontinued
operations before change in accounting........... 0.79 1.15 1.28 1.18 1.07
Cumulative effect of change in accounting for
retirement medical benefits...................... -- -- -- -- (6.78)*
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Net primary earnings (loss) per share.............. $ 3.34 $ 3.42 $ 2.87 $ 2.55 $(4.62)
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FULLY DILUTED EARNINGS PER SHARE:
Income from continuing operations before change in
accounting....................................... $555.0 $493.0 $351.0 $302.0 $243.0
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Average number of common shares outstanding during
the year:
Common stock..................................... 217.6 217.2 220.5 219.8 223.6
Assumed issuance of stock under award plans and
conversion of preferred stock and convertible
debentures.................................... 3.5 3.9 4.0 4.5 2.5
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Total shares, assuming full dilution........ 221.1 221.1 224.5 224.3 226.1
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Fully diluted earnings per share from continuing
operations before change in accounting........... $ 2.51 $ 2.23 $ 1.56 $ 1.35 $ 1.08
Fully diluted earnings per share from discontinued
operations before change in accounting........... 0.77 1.13 1.26 1.16 1.06
Cumulative effect of change in accounting for
retirement medical benefits...................... -- -- -- -- (6.70)*
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Net fully diluted earnings (loss) per share........ $ 3.28 $ 3.36 $ 2.82 $ 2.51 $(4.56)
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* The per share amounts pertaining to the cumulative effect of change in
accounting in 1992 were computed using average outstanding shares for the
second quarter, which approximate full year 1992 average outstanding shares.