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EXHIBIT 11, 1994 ANNUAL REPORT
FORM 10-K, COMMISSION FILE
NUMBER 1-3671
GENERAL DYNAMICS CORPORATION
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
Year Ended December 31
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1994 1993 1992
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NET EARNINGS:
Continuing Operations $ 223 $ 270 $ 305
Discontinued Operations:
Earnings (loss) from operations -- (30) 136
Gain on disposal 15 645 374
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$ 238 $ 885 $ 815
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Weighted average common shares outstanding 63,068,328 62,187,874 72,330,118
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NET EARNINGS PER SHARE - PRIMARY:
Continuing Operations $ 3.51 $ 4.27 $ 4.05
Discontinued Operations:
Earnings (loss) from operations -- (.47) 1.81
Gain on disposal .24 10.21 4.97
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$ 3.75 $ 14.01 $ 10.83
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Common shares from above 63,068,328 62,187,874 72,330,118
Assumed exercise of options (treasury stock method) 355,793 994,276 2,925,890
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63,424,121 63,182,150 75,256,008
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NET EARNINGS PER SHARE - FULLY DILUTED:
Continuing Operations $ 3.51 $ 4.27 $ 4.03
Discontinued Operations:
Earnings (loss) from operations -- (.47) 1.80
Gain on disposal .24 10.19 4.95
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$ 3.75 $ 13.99 $ 10.78
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Common shares from above 63,068,328 62,187,874 72,330,118
Assumed exercise of options (treasury stock method) 357,447 1,085,702 3,266,410
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63,425,775 63,273,576 75,596,528
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