EXHIBIT 11.1
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COMPUTATION OF PRIMARY EARNINGS PER COMMON SHARE
(In millions, except per share data)
Year ended December
31,
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1994 1993 1992
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EARNINGS
Income (loss) from continuing operations before
cumulative effect of accounting changes $ 596 $ (268) $ 561
Preferred stock dividends -- -- (5)
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Income (loss) from continuing operations before
cumulative effect of accounting changes applicable to
common stock 596 (268) 556
Total discontinued operations -- -- 45
Cumulative effect of accounting changes -- 70 (165)
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Net income (loss) available for common stock $ 596 $( 198) $ 436
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SHARES
Average common shares outstanding 280 277 279
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PRIMARY EARNINGS (LOSS) PER COMMON SHARE
INCOME FROM CONTINUING OPERATIONS $2.13 $(0.97) $ 1.99
DISCONTINUED OPERATIONS -- -- 0.16
CUMULATIVE EFFECT OF ACCOUNTING CHANGES -- 0.25 (0.59)
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NET INCOME (LOSS) $2.13 $(0.72) $ 1.56
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