EXHIBIT 11
Computatio
n of Net Income Per Common Share
(Dollars in millions, except per-share data; shares in thousands)
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I. Basic Net Income (Loss) Per Common Share
Income from continuing operations
Accrued dividends on ESOP preferred stock, net
Accrued dividends on redeemable preferred stock
Adjusted income from continuing operations
Discontinued operations
Adjusted net income (loss)
Average common shares outstanding during the period
Common shares issuable with respect to
exchangeable shares
Adjusted average shares outstanding for the period
Basic earnings (loss) per share:
Continuing operations
Discontinued operations
Basic earnings (loss) per share
II. Diluted Net Income (Loss) Per Common Share
Income from continuing operations
Accrued dividends on ESOP preferred stock, net
Accrued dividends on redeemable preferred stock
ESOP expense adjustment, net of tax
Interest on convertible debt, net of tax
Adjusted income from continuing operations
Discontinued operations
Adjusted net income (loss)
Average common shares outstanding during the period
Common shares issuable with respect to:
Stock options, incentive and exchangeable shares
Convertible debt
ESOP preferred stock
Adjusted average shares outstanding for the period
Diluted earnings (loss) per share:
Continuing operations
Discontinued operations
Diluted earnings (loss) per share
Page 82
2000 1999 1998 1997 1996
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$ (257) $ 1,339 $ 463 $ 1,452 $ 1,206
(35) (38) (46) (44) (43)
- - - - (1)
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(292) 1,301 417 1,408 1,162
- - (190) - -
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$ (292) $ 1,301 $ 227 $ 1,408 $ 1,162
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666,663 661,917 655,676 649,608 648,924
918 1,576 3,280 3,763 5,464
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667,581 663,493 658,956 653,371 654,388
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$ (.44) $ 1.96 $ .63 $ 2.16 $ 1.78
- - (.29) - -
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$ (.44) $ 1.96 $ .34 $ 2.16 $ 1.78
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$ (257) $ 1,339 $ 463 $ 1,452 $ 1,206
(35) - (46) - -
- - - - (1)
- 5 - - (3)
- 17 3 3 3
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(292) 1,361 420 1,455 1,205
- - (190) - -
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$ (292) $ 1,361 $ 230 $ 1,455 $ 1,205
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666,663 661,917 655,676 649,608 648,924
918 10,303 13,091 11,691 16,106
- 13,191 5,287 5,287 5,288
- 51,989 - 54,687 55,962
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667,581 737,400 674,054 721,273 726,280
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$ (.44) $ 1.85 $ .62 $ 2.02 $ 1.66
- - (.28) - -
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$ (.44) $ 1.85 $ .34 $ 2.02 $ 1.66
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Page 83