EXHIBIT 11
Computation of Primary and Fully Diluted Net Income Per Common Share
Year Ended December 31(Dollars in millions, except per share data) 1996 1995 1994
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Primary:
Average shares outstanding 135,484,920 131,794,439 133,752,000
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 1,930,699 2,141,591 2,522,991
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137,415,619 133,936,030 136,274,991
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Income from continuing operations $739.8 $568.1 $313.5
Preferred dividends (6.2) (7.5) (12.6)
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Income from continuing operations applicable to common equity $733.6 $560.6 $300.9
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Income from continuing operations per common share $ 5.34 $ 4.19 $ 2.21
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Loss from discontinued operations -- -- $ (8.5)
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Loss from discontinued operations per common share -- -- $ (.06)
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Net income $739.8 $568.1 $305.0
Preferred dividends (6.2) (7.5) (12.6)
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Net income applicable to common equity $733.6 $560.6 $292.4
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Net income per common share $ 5.34 $ 4.19 $ 2.15
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Fully diluted: *
Average shares outstanding 135,484,920 131,794,439 133,752,000
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 2,271,264 2,790,528 2,720,882
Conversion of Series 1991A Preferred Stock 3,065,010 3,563,191 3,655,684
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140,821,194 138,148,158 140,128,566
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Income from continuing operations $739.8 $568.1 $313.5
Preferred dividends, excluding 1991A Preferred Stock -- -- (5.1)
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Income from continuing operations applicable to common equity $739.8 $568.1 $308.4
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Income from continuing operations per common share $5.25 $4.11 $ 2.20
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Loss from discontinued operations -- -- $ (8.5)
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Loss from discontinued operations per common share -- -- $ (.06)
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Net income $739.8 $568.1 $305.0
Preferred dividends, excluding 1991A Preferred Stock -- -- (5.1)
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Net income applicable to common equity $739.8 $568.1 $299.9
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Net income per common share $5.25 $ 4.11 (2.14)
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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%.