EXHIBIT 11
CASE CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
(in millions, except share amounts)
Three Months Six Months
Ended Ended
June 30, June 30,
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1999 1998 1999 1998
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Computations for Statements of Income
Basic
Net income (loss)............................. $ 36 $ 126 $ (12) $ 195
Less: Preferred stock dividends............... (1) (1) (3) (3)
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Net income (loss) after preferred stock
dividends.................................... $ 35 $ 125 $ (15) $ 192
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Weighted-average shares outstanding........... 73.1 73.9 73.0 73.9
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Basic earnings (loss) per share............... $ 0.47 $ 1.68 $(0.20) $2.59
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Diluted
Net income (loss)............................. $ 36 $ 126 $ (12) $ 195
Less: Antidilutive preferred stock dividends.. (1) N/A (3) N/A
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Net income (loss) after antidilutive preferred
stock dividends.............................. $ 35 $ 126 $ (15) $ 195
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Weighted-average shares outstanding--Basic.... 73.1 73.9 73.0 73.9
Effect of Dilutive Securities (when dilutive):
Convertible preferred stock................. -- 3.5 -- 3.5
Stock options............................... 1.3 0.8 -- 0.9
Restricted stock............................ 0.6 0.2 -- 0.2
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Weighted-average shares outstanding--Diluted.... 75.0 78.4 73.0 78.5
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Diluted earnings (loss) per share............... $ 0.46 $ 1.61 $(0.20) $2.48
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