EXHIBIT 11
CASE CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER
31,
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1997 1996 1995
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COMPUTATIONS FOR STATEMENTS OF INCOME
Basic earnings per share:
Income before cumulative effect of changes in
accounting principles and extraordinary items....... $ 403 $ 349 $ 346
Cumulative effect of changes in accounting
principles.......................................... -- -- (9)
Extraordinary items.................................. -- (33) --
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Net income........................................... 403 316 337
Preferred stock dividends............................ 7 7 7
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Net income to common................................. $ 396 $ 309 $ 330
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Average shares of common stock outstanding........... 73.9 72.2 70.6
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Basic earnings per share:
Net income after preferred stock dividends and
before cumulative effect of changes in accounting
principles and extraordinary items................ $5.36 $ 4.73 $ 4.80
Cumulative effect of changes in accounting
principles........................................ -- -- (0.13)
Extraordinary items................................ -- (0.46) --
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Basic earnings per share........................... $5.36 $ 4.27 $ 4.67
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Diluted earnings per share:
Average shares of common stock outstanding........... 73.9 72.2 70.6
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Incremental common shares applicable to restricted
common stock based on the average market price
during the period................................... 0.2 0.2 0.1
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Incremental common shares applicable to common stock
options based on the average market price during the
period.............................................. 1.3 1.6 1.0
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Average common shares issuable assuming conversion of
the Series A Cumulative Convertible Preferred Stock
and the Cumulative Convertible Second Preferred
Stock............................................... 3.5 3.5 3.5
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Average common shares assuming full dilution......... 78.9 77.5 75.2
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Diluted earnings per share, assuming conversion of
all applicable securities:
Net income before cumulative effect of changes in
accounting principles and extraordinary items..... $5.11 $ 4.49 $4 .60
Cumulative effect of changes in accounting
principles........................................ -- -- (0.12)
Extraordinary items................................ -- (0.42) --
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Diluted earnings per share......................... $5.11 $ 4.07 $ 4.48
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