EXHIBIT 11
Computation of Primary and Fully Diluted Net Income Per Common Share
Year Ended December 31 (Dollars in millions, except per share data) 1995 1994 1993
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Primary:
Average shares outstanding....................................................... 131,794,439 133,752,000 132,757,389
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.. 2,141,591 2,522,991 1,831,275
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133,936,030 136,274,991 134,588,664
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Income from continuing operations................................................ $ 568.1 $ 313.5 $ 360.7
Preferred dividends.............................................................. (7.5) (12.6) (29.2)
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Income from continuing operations applicable to common equity.................... $ 560.6 $ 300.9 $ 331.5
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Income from continuing operations per common share............................... $ 4.19 $ 2.21 $ 2.46
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Income (loss) from discontinued operations....................................... -- $ (8.5) $ 2.5
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Income (loss) from discontinued operations per common share...................... -- $ (.06) $ .02
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Net income....................................................................... $ 568.1 $ 305.0 $ 363.2
Preferred dividends.............................................................. (7.5) (12.6) (29.2)
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Net income applicable to common equity........................................... $ 560.6 $ 292.4 $ 334.0
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Net income per common share...................................................... $ 4.19 $ 2.15 $ 2.48
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Fully diluted:*
Average shares outstanding....................................................... 131,794,439 133,752,000 132,757,389
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.................................. 2,790,528 2,720,882 1,888,873
Assumed conversion of Series 1991A Preferred Stock............................... 3,563,191 3,655,684 3,681,740
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138,148,158 140,128,566 138,328,002
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Income from continuing operations................................................ $ 568.1 $ 313.5 $ 360.7
Preferred dividends, excluding 1991A Preferred Stock............................. -- (5.1) (21.2)
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Income from continuing operations applicable to common equity.................... $ 568.1 $ 308.4 $ 339.5
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Income from continuing operations per common share............................... $ 4.11 $ 2.20 $ 2.45
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Income (loss) from discontinued operations....................................... -- $ (8.5) $ 2.5
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Income (loss) from discontinued operations per common share...................... -- $ (.06) $ .02
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Net Income....................................................................... $ 568.1 $ 305.0 $ 363.2
Preferred dividends, excluding 1991A Preferred Stock............................. -- (5.1) (21.2)
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Net income applicable to common equity........................................... $ 568.1 $ 299.9 $ 342.0
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Net income per common share...................................................... $ 4.11 $ 2.14 $ 2.47
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* 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%.