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EXHIBIT 11.1
USA WASTE SERVICES, INC.
COMPUTATION OF EARNINGS (LOSS)PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the years ended December 31,
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1996 1995 1994
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(restated) (restated)
PRIMARY
Income (loss) available to
common shareholders $ 32,946,000 $ 52,488,000 ($ 9,607,000)
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Number of common shares outstanding 139,609,000 124,019,000 102,687,000
Effect of using weighted average common
stock outstanding (5,717,000) (14,396,000) (2,391,000)
Common stock equivalents (1) 5,848,000 3,656,000 3,126,000
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Total 139,740,000 113,279,000 103,422,000
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Earnings (loss) per common share $ 0.24 $ 0.46 ($ 0.09)
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FULLY DILUTED
Net income (loss) $ 32,946,000 $ 52,488,000 ($ 9,607,000)
Plus interest on convertible
subordinated debentures, net of taxes (2) -- -- --
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Fully-diluted net income (loss) $ 32,946,000 $ 52,488,000 ($ 9,607,000)
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Number of common shares outstanding 139,609,000 124,019,000 102,687,000
Effect of using weighted average common
stock outstanding (5,717,000) (14,396,000) (2,391,000)
Common stock equivalents (1) 6,041,000 3,707,000 3,955,000
Convertible subordinated debentures (2) -- -- --
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Total 139,933,000 113,330,000 104,251,000
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Earnings (loss) per common share $ 0.24 $ 0.46 ($ 0.09)
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(1) Common stock equivalents were determined based on the treasury stock method
as set forth in Accounting Principles Board Opinion No. 15 ("APB No. 15").
Common stock equivalents are anti-dilutive in 1994 since there is a net
loss that year, however, such amounts were not removed from the calculation
as the amounts were not material.
(2) In accordance with APB No. 15, if the exercise price is greater than the
average market price or ending market price, convertible subordinated
debentures are not considered in fully diluted earnings per common share.
Although the exercise prices of the outstanding convertible subordinated
debentures are less than the market prices during the relevant periods, the
ratio of convertible subordinated debentures interest, net of taxes, to
convertible subordinated debentures shares is anti-dilutive for all periods
shown, and is therefore excluded from the fully diluted earnings per common
share calculation.