Exhibit 11
TRIBUNE COMPANY
STATEMENTS OF COMPUTATION OF PRIMARY AND FULLY DILUTED
NET INCOME PER SHARE
(In thousands, except per share amounts)
Fiscal Year Ended December
------------------------------
1993 1992 1991
-------- -------- --------
PRIMARY
- -------
Income before cumulative effects of changes in accounting principles $188,606 $136,625 $141,981
Cumulative effects of changes in accounting principles, net of tax - (16,800) -
-------- -------- --------
Net income 188,606 119,825 141,981
Preferred dividends, net of tax (18,439) (18,168) (16,900)
-------- -------- --------
Net income attributable to common shares $170,167 $101,657 $125,081
-------- -------- --------
Weighted average common shares outstanding 66,371 65,018 64,364
-------- -------- --------
Primary net income per share:
Before cumulative effects of changes in accounting principles $2.56 $1.82 $1.94
Cumulative effects of accounting changes, net - (0.26) -
-------- -------- --------
Total $2.56 $1.56 $1.94
======== ======== ========
FULLY DILUTED
- -------------
Income before cumulative effects of changes in accounting principles $188,606 $136,625 $141,981
Additional ESOP contribution required assuming
all preferred shares were converted, net of tax (12,442) (12,408) (11,600)
Assumed elimination of tax benefit on certain ESOP preferred dividends (2,248) (1,606) -
-------- -------- --------
Adjusted net income before cumulative effects of changes in accounting principles 173,916 122,611 130,381
Cumulative effects of changes in accounting principles, net of tax - (16,800) -
-------- -------- --------
Adjusted net income $173,916 $105,811 $130,381
-------- -------- --------
Weighted average common shares outstanding 66,371 65,018 64,364
Assumed conversion of preferred shares into common shares 6,126 6,331 6,576
Assumed exercise of stock options, net of common
shares assumed repurchased with the proceeds 1,198 971 448
-------- -------- --------
Adjusted weighted average common shares outstanding 73,695 72,320 71,388
-------- -------- --------
Fully diluted net income per share:
Before cumulative effects of changes in accounting principles $2.36 $1.70 $1.83
Cumulative effects of accounting changes, net - (0.24) -
-------- -------- --------
Total $2.36 $1.46 $1.83
======== ======== ========
See Notes to Consolidated Financial Statements.