EXHIBIT 11.2
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COMPUTATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
(In millions, except per share data)
Year ended December 31,
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1994 1993(a) 1993(a) 1992
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EARNINGS
Income (loss) from continuing operations
before cumulative effect of accounting
changes $596 $(268) $(268) $ 561
Preferred stock dividends -- -- -- (5)
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Pro Forma income (loss) from continuing
operations before cumulative effect of
accounting changes applicable to common
stock 596 (268) (268) 556
Total discontinued operations -- -- -- 45
Cumulative effect of accounting changes -- 70 70 (165)
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Pro forma net income (loss) available for $596 $(198) $(198) $ 436
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SHARES
Weighted average number of common shares
outstanding 280 277 277 279
Additional shares assuming conversion of
exercise of stock options, performance share
awards and stock purchase plan subscriptions 2 -- 1 3
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Average common shares outstanding 282 277 278 282
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PRIMARY EARNINGS (LOSS) PER COMMON SHARE
INCOME FROM CONTINUING OPERATIONS $2.11 $(0.97) $(0.96) $ 1.97
DISCONTINUED OPERATIONS -- -- -- 0.16
CUMULATIVE EFFECT OF ACCOUNTING CHANGES -- 0.25 0.25 (0.59)
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NET INCOME (LOSS) $2.11 $(0.72) $(0.71) $ 1.54
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(a) For the year ended December 31, 1993, fully diluted earnings (loss) per
common share has been computed with and without anti-dilutive common stock
equivalents.