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Exhibit 11
INLAND STEEL INDUSTRIES, INC. AND SUBSIDIARY COMPANIES
Statement of Earnings Per Share of Common Stock
Dollars and Shares in Millions
(except per share data)
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Years Ended December 31,
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1995 1994 1993
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PRIMARY EARNINGS PER SHARE OF COMMON STOCK
Shares of common stock
Average shares outstanding 47.3 43.1 35.5
Dilutive effect of stock options .1 .4 -
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47.4 43.5 35.5
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Net income (loss) $ 146.8 $ 107.4 $ (37.6)
Dividends on preferred stock, net of tax benefit
on dividends applicable to leveraged Series E
Preferred Stock held by the ESOP 19.0 28.4 32.0
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Net income (loss) applicable $ 127.8 $ 79.0 $(69.6)
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Net income (loss) per share of common stock $ 2.69 $ 1.81 $(1.96)
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FULLY DILUTED EARNINGS PER SHARE OF COMMON STOCK
Shares of common stock
Average shares outstanding 47.3 43.1 35.5
Assumed conversion of Series A and leveraged
Series E Preferred Stock 3.1 3.0 -
Dilutive effect of stock options .1 .5 -
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50.5 46.6 35.5
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Net income (loss) $ 146.8 $ 107.4 $(37.6)
Dividends on antidilutive preferred stock 10.6 20.5 32.0
Additional ESOP funding required on
conversion of Series E Preferred Stock, net of tax 7.6 7.9 -
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Net income (loss) applicable $ 128.6 $ 79.0 $(69.6)
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Net income (loss) per share of common stock $ 2.55 $ 1.70 $(1.96)
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Note - Series G Exchangeable Preferred Stock was converted to common stock
in 1994.
The assumed conversion of non-leveraged Series E was antidilutive in
all three years. The assumed conversion of Series A and Series G
Preferred Stock was antidilutive in 1994 and 1993. The assumed
conversion of leveraged Series E Preferred Stock was antidilutive in
1993.