EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
WHIRLPOOL CORPORATION AND SUBSIDIARIES
(millions of dollars except earnings per share)
Three Months Ended
March 31
------------------
1995 1994
------ ------
Primary
Average Shares Outstanding 73.7 73.6
Treasury Method (Average Market Price)
Stock Options 0.7 1.3
Restricted Stock (RSVP) 0.3 -
----- -----
Primary Average Shares Outstanding 74.7 74.9
===== =====
Primary Net Earnings $74.7 $67.3
===== =====
Earnings Per Share $1.00 $0.90
===== =====
Fully Diluted
Average Shares Outstanding 73.7 73.6
Treasury Method (Average Market Price
or End of Period, whichever is greater):
Stock Options 0.9 1.4
Restricted Stock (RSVP) 0.3 -
Assumed Conversion of Debt 2.2 2.4
----- -----
Fully Diluted Average Shares Outstanding 77.1 77.4
===== =====
Net Earnings $74.7 $67.3
Interest Expense, net of tax 1.0 1.2
----- -----
Fully Diluted Net Earnings $75.7 $68.5
===== =====
Earnings Per Share $0.98 $0.88
===== =====
17