EXHIBIT 11
TRIBUNE COMPANY
STATEMENTS OF COMPUTATION OF PRIMARY AND FULLY DILUTED
NET INCOME PER SHARE
(In thousands, except per share amounts)
Fiscal Year Ended December
--------------------------------
PRIMARY 1995 1994 1993
- - ------- -------- -------- --------
Income from continuing operations $245,458 $233,149 $204,646
Income (loss) from discontinued operations of QUNO 32,707 8,898 (16,040)
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Net income 278,165 242,047 188,606
Preferred dividends, net of tax (18,841) (18,574) (18,439)
-------- -------- --------
Net income attributable to common shares $259,324 $223,473 $170,167
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Weighted average common shares outstanding 64,790 67,213 66,371
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Primary net income per share:
Continuing operations (A) $ 3.50 $ 3.19 $ 2.80
Discontinued operations .50 .13 (.24)
-------- -------- --------
Total $ 4.00 $ 3.32 $ 2.56
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FULLY DILUTED
- - -------------
Income from continuing operations $245,458 $233,149 $204,646
Additional ESOP contribution required assuming
all preferred shares were converted, net of tax (11,377) (11,822) (12,442)
Assumed elimination of tax benefit on certain ESOP preferred dividends (3,382) (2,817) (2,248)
-------- -------- --------
Adjusted income from continuing operations 230,699 218,510 189,956
Income (loss) from discontinued operations of QUNO 32,707 8,898 (16,040)
-------- -------- --------
Adjusted net income $263,406 $227,408 $173,916
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Weighted average common shares outstanding 64,790 67,213 66,371
Assumed conversion of preferred shares into common shares 5,887 6,050 6,126
Assumed exercise of stock options, net of common
shares assumed repurchased with the proceeds 829 810 1,198
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Adjusted weighted average common shares outstanding 71,506 74,073 73,695
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Fully diluted net income per share:
Continuing operations $ 3.22 $ 2.95 $ 2.58
Discontinued operations .46 .12 (.22)
-------- -------- --------
Total $ 3.68 $ 3.07 $ 2.36
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(A) Primary net income per share from continuing operations is computed by
deducting preferred dividends, net of tax, from income from continuing
operations and then dividing by weighted average common shares outstanding.
See Notes to Consolidated Financial Statements.