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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1998 1997 1996
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Computations for Statements of Income
Basic earnings per share:
Income before extraordinary items..................... $ 64 $ 403 $ 349
Extraordinary items................................... -- -- (33)
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Net income............................................ 64 403 316
Preferred stock dividends............................. 7 7 7
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Net income to common.................................. $ 57 $ 396 $ 309
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Average shares of common stock outstanding............ 73.2 73.9 72.2
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Basic earnings per share:
Net income, before extraordinary items.............. $0.78 $5.36 $ 4.73
Extraordinary items................................. -- -- (0.46)
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Basic earnings per share............................ $0.78 $5.36 $ 4.27
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Diluted earnings per share:
Income before extraordinary items..................... $ 64 $ 403 $ 349
Antidilutive preferred stock dividends................ (7) -- --
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Income after antidilutive preferred stock dividends
and
before extraordinary items........................... 57 403 349
Extraordinary items................................... -- -- (33)
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Net income, after antidilutive preferred stock
dividends............................................ $ 57 $ 403 $ 316
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Average shares of common stock outstanding............ 73.2 73.9 72.2
Incremental common shares applicable to restricted
common
stock based on the average market price during the
period............................................... 0.2 0.2 0.2
Incremental common shares applicable to common stock
options
based on the average market price during the period.. 1.0 1.3 1.6
Average common shares issuable assuming conversion of
the Series A Cumulative Convertible Preferred Stock
and the Cumulative Convertible Second Preferred
Stock, when dilutive................................. -- 3.5 3.5
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Average common shares assuming full dilution.......... 74.4 78.9 77.5
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Diluted earnings per share, assuming conversion of all
applicable securities:
Net income before extraordinary items............... $0.76 $5.11 $ 4.49
Extraordinary items................................. -- -- (0.42)
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Diluted earnings per share.......................... $0.76 $5.11 $ 4.07
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