EXHIBIT 11
MERCK & CO., INC. AND SUBSIDIARIES
Computation of Earnings Per Common Share
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(In millions except per share amounts)
1996 1995 1994
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Net Income and Adjusted Earnings:
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Net Income.............................................. $3,881.3 $3,335.2 $2,997.0
Effect on Earnings of Compensation Expense Relating to
Stock Option and Incentive Plans...................... 12.3 17.9 5.2
Effect on Earnings of Interest on Debentures............ - - .2
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Adjusted Earnings for Fully Diluted Earnings Per Share.. $3,893.6 $3,353.1 $3,002.4
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Weighted Average Shares and Share Equivalents Outstanding:
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Weighted Average Shares Outstanding (As Reported).......... 1,213.6 1,236.1 1,257.2
Common Share Equivalents Issuable Under Stock Option and
Incentive Plans.......................................... 31.3 33.0 18.3
Common Share Equivalents Issuable on Assumed Conversion
of Debentures............................................ .3 .4 .7
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Weighted Average Shares and Share Equivalents Outstanding.. 1,245.2 1,269.5 1,276.2
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Earnings Per Share (As Reported)........................... $3.20 $2.70 $2.38
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Fully Diluted Earnings Per Share (a)....................... $3.13 $2.64 $2.35
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(a) This calculation is submitted in accordance with the regulations of the
Securities and Exchange Commission although not required by APB Opinion No.
15 because it results in dilution of less than 3%.