EXHIBIT 11
DEAN WITTER, DISCOVER & CO.
COMPUTATION OF EARNINGS PER COMMON SHARE
THREE MONTHS ENDED
MARCH31,
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1997 1996(1)
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Net Income $ 276.3 $ 245.8
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Average common shares outstanding, excluding the
dilutive effects of stock options and unissued
stock awards 322.1 335.2
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Earnings per common share:
Primary dilution basis (2)
Earnings per common share $ 0.81 $ 0.71
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Average common shares outstanding 339.4 348.3
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Full dilution basis (3)
Earnings per common share $ 0.81 $ 0.70
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Average common shares outstanding 339.4 349.6
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(1) 1996 share and per share data have been restated to reflect the Company's
two-for-one stock split.
(2) Earnings per common share on a primary dilution basis for the three months
ended March 31, 1997 and 1996 was calculated using the weighted average
price per share of the Company's common stock during the period, and
included the dilutive effects of stock options and unissued stock awards
under deferred compensation plans.
(3) Earnings per common share on a full dilution basis for the three months
ended March 31, 1997 and 1996 was calculated using the greater of the
period-end price per share of the Company's common stock or the weighted
average price per share of the Company's common stock during the period and
included the dilutive effects of stock awards under deferred compensation
plans