EXHIBIT 11
CASE CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
(MILLIONS EXCEPT SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
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1996 1995 1994(A)
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COMPUTATIONS FOR STATEMENTS OF INCOME
Primary earnings per share of common
stock (average shares outstanding):
Income before cumulative effect of
changes in accounting principles and
extraordinary loss.................... $ 349 $ 346 $ 163
Cumulative effect of changes in
accounting principles................. -- (9) (29)
Extraordinary loss..................... (33) -- (5)
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Net income............................. 316 337 129
Preferred stock dividends.............. 7 7 7
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Net income to common................... $ 309 $ 330 $ 122
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Average shares of common stock
outstanding........................... 72,196,920 70,553,376 70,069,447
Incremental common shares applicable to
restricted common stock based on the
common stock daily average market
price during the period............... 188,547 109,866 --
Incremental common shares applicable to
common stock options based on the
common stock daily average market
price during the period............... 1,645,138 1,101,489 25,701
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Average common shares, as adjusted..... 74,030,605 71,764,731 70,095,148
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Earnings per share of common stock
(including common stock equivalents):
Net income after preferred stock
dividends and before cumulative
effect of changes in accounting
principles and extraordinary loss... $ 4.61 $ 4.72 $ 2.22
Cumulative effect of changes in
accounting principles............... -- (0.12) (0.41)
Extraordinary loss................... (0.44) -- (0.07)
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Net earnings per share of common
stock............................... $ 4.17 $ 4.60 $ 1.74
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Fully diluted earnings per share:
Average shares of common stock
outstanding........................... 72,196,920 70,553,376 70,069,447
Incremental common shares applicable to
restricted common stock based on the
more dilutive of the common stock
ending or average market price during
the period............................ 195,831 152,350 --
Incremental common shares applicable to
common stock options based on the more
dilutive of the common stock ending or
average market price during the
period................................ 1,801,893 1,704,203 109,519
Average common shares issuable assuming
conversion of the Series A Cumulative
Convertible Preferred Stock and the
Cumulative Convertible Second
Preferred Stock....................... 3,488,711 3,483,354 3,494,432
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Average common shares assuming full
dilution.............................. 77,683,355 75,893,283 73,673,398
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Fully diluted earnings per average
share of common stock, assuming
conversion of all applicable
securities:
Net income before cumulative effect
of changes in accounting principles
and extraordinary loss.............. $ 4.48 $ 4.56 $ 2.21
Cumulative effect of changes in
accounting principles............... -- (0.12) (0.39)
Extraordinary loss................... (0.42) -- (0.07)
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Net earnings per share of common
stock............................... $ 4.06 $ 4.44 $ 1.75
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(a) The 1994 presentation is on a pro forma basis. For all periods prior to
June 23, 1994, pro forma earnings per common share is computed based upon
historical income and assumes 70 million shares outstanding and payment of
preferred stock dividends. For more information on the pro forma adjustments,
see Note 16 to the Case Financial Statements.