EXHIBIT 11
Computation of Primary and Fully Diluted Net Income Per Common Share
Year Ended December 31
-----------------------------------------------
(Dollars in millions, except per share data) 1994 1993 1992
- ----------------------------------------------------------------------------------------------------------------------------
PRIMARY:
Average shares outstanding 133,752,000 132,757,389 121,915,389
Net effect of the assumed purchase of stock under the stock option
and stock purchase plans--based on the treasury stock method using
average market price 2,522,991 1,831,275 2,755,268
-----------------------------------------------
136,274,991 134,588,664 124,670,657
===============================================
Income from continuing operations before cumulative effect of
accounting changes $313.5 $360.7 $213.0
Preferred dividends (12.6) (29.2) (31.6)
-----------------------------------------------
Income from continuing operations before cumulative effect
of accounting changes applicable to common equity $300.9 $331.5 $181.4
===============================================
Income from continuing operations before cumulative effect of
accounting changes per common share $2.21 $2.46 $1.46
===============================================
Income (loss) from discontinued operations ($8.5) $2.5 $2.7
===============================================
Income (loss) from discontinued operations per common share ($0.06) $0.02 $0.02
===============================================
Cumulative effect of accounting changes applicable to common equity -- -- $233.2
===============================================
Cumulative effect of accounting changes per common share -- -- $1.87
===============================================
Net income $305.0 $363.2 $448.9
Preferred dividends (12.6) (29.2) (31.6)
-----------------------------------------------
Net income applicable to common equity $292.4 $334.0 $417.3
===============================================
Net income per common share $2.15 $2.48 $3.35
===============================================
FULLY DILUTED: *
Average shares outstanding 133,752,000 132,757,389 121,915,389
Net effect of the assumed purchase of stock under the stock
option and stock purchase plans--based on the treasury stock
method using average market price or year-end market price,
whichever is higher 2,720,882 1,888,873 4,630,259
Assumed conversion of Series 1991A Preferred Stock 3,655,684 3,681,740 3,951,624
-----------------------------------------------
140,128,566 138,328,002 130,497,272
===============================================
Income from continuing operations before cumulative effect
of accounting changes $313.5 $360.7 $213.0
Preferred dividends, excluding 1991A Preferred Stock (5.1) (21.2) (23.4)
-----------------------------------------------
Income from continuing operations before cumulative effect of
accounting changes applicable to common equity $308.4 $339.5 $189.6
===============================================
Income from continuing operations before cumulative effect
of accounting changes per common share $2.20 $2.45 $1.45
===============================================
Income (loss) from discontinued operations ($8.5) $2.5 $2.7
===============================================
Income (loss) from discontinued operations per common share ($0.06) $0.02 $0.02
===============================================
Cumulative effect of accounting changes applicable to common equity -- -- $233.2
===============================================
Cumulative effect of accounting changes per common share -- -- $1.79
===============================================
Net income $305.0 $363.2 $448.9
Preferred dividends, excluding 1991A Preferred Stock (5.1) (21.2) (23.4)
-----------------------------------------------
Net income applicable to common equity $299.9 $342.0 $425.5
===============================================
Net income per common share $2.14 $2.47 $3.26
===============================================
* This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 17 of APB Opinion
No. 15 because it results in dilution of less than 3%.