EXHIBIT 11
BECTON, DICKINSON AND COMPANY
COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED SEPTEMBER 30, 1994, 1993 AND 1992
(ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
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1994 1993 1992
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PRIMARY EARNINGS PER SHARE
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Net income:
Income before cumulative effect of accounting
changes........................................ $227,174 $212,840 $200,753
Less preferred stock dividends.................. (3,711) (3,800) (2,545)(A)
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Income before cumulative effect of accounting
changes applicable to common stock............. 223,463 209,040 198,208
Cumulative effect of accounting changes, net of
taxes.......................................... -- (141,057) --
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Net income applicable to common stock........... $223,463 $ 67,983 $198,208
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Shares:
Average shares outstanding................... 72,237 75,833 75,676
Add dilutive stock equivalents from stock
plans....................................... 1,096 1,097 1,352
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Weighted average number of common and common
equivalent shares outstanding during the
year........................................ 73,333 76,930 77,028
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Earnings per share:
Income before cumulative effect of accounting
changes........................................ $3.05 $2.71 $2.57
Cumulative effect of accounting changes, net of
taxes.......................................... -- (1.83) --
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Net income...................................... $3.05 $ .88 $2.57
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FULLY DILUTED EARNINGS PER SHARE (B)
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Net income:
Income before cumulative effect of accounting
changes applicable to common stock............. $223,463 $209,040 $198,208
Add preferred stock dividends using the "if
converted" method.............................. 3,711 3,800 2,545 (A)
Less additional ESOP contribution, using the "if
converted" method.............................. (1,540) (1,652) (1,735)
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Income before cumulative effect of accounting
changes for fully diluted earnings per share... 225,634 211,188 199,018
Cumulative effect of accounting changes, net of
taxes.......................................... -- (141,057) --
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Net income for fully diluted earnings per share. $225,634 $ 70,131 $199,018
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Shares:
Average shares outstanding................... 72,237 75,833 75,676
Add:
Dilutive stock equivalents from stock
plans..................................... 1,949 1,106 1,522
Shares issuable upon conversion of pre-
ferred stock.............................. 1,528 1,576 1,600
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Weighted average number of common shares used
in calculating fully diluted earnings per
share....................................... 75,714 78,515 78,798
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Fully diluted earnings per share:
Income before cumulative effect of accounting
changes........................................ $2.98 $2.69 $2.53
Cumulative effect of accounting changes, net of
taxes.......................................... -- (1.80) --
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Net income...................................... $2.98 $ .89 $2.53
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(A) Net of tax benefit.
(B) Excluding the assumed conversion of preferred shares in 1993 would yield
the following results: Income before cumulative effect of accounting
changes: $2.71; Cumulative effect of accounting changes, net of taxes:
($1.83); and Net income: $.88.