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Exhibit 11
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TURNER BROADCASTING SYSTEM, INC.
Computation of Primary Earnings Per Share
(in thousands, except per share data)
Year ended
December 31, 1993
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Net loss applicable to common stock.............................. $ (244,248)
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Net loss applicable to Class A Common Stock...................... $ (63,112)
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Net loss applicable to Class B Common Stock...................... $ (181,136)
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Weighted average number of shares outstanding during the period.. 188,550
Add: Common equivalent shares issuable assuming conversion of
Class C Convertible Preferred Stock............... 74,382
Shares issuable upon exercise of stock options............... 5,472
Subtract: Shares which would have been purchased with proceeds
from exercise of such stock options.............. (3,961)
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Weighted average number of common stock, common stock
equivalents and converted shares outstanding................. 264,443
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Weighted average number of Class A common shares and common
stock equivalents............................................ 68,330
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Weighted average number of Class B common shares and common
stock equivalents.......................................... 196,113
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Loss per share and common stock equivalent of Class A
and Class B common stock..................................... $ (0.92)
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Exhibit 11
Page 2 of 2
TURNER BROADCASTING SYSTEM, INC.
Computation of Fully-Diluted Earnings Per Share
(in thousands, except per share data)
Year ended
December 31, 1993
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Net loss applicable to common stock............................... $ (244,248)
Add: Interest expense on zero coupon subordinated convertible
notes due 2004............................................. 13,507
Interest expense on zero coupon subordinated convertible
notes due 2007............................................. 15,759
Extraordinary loss on early extinguishment of debt,
net of tax................................................. 4,456
Subtract: Additional income taxes................................ (11,681)
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Adjusted net loss applicable to common stock...................... $ (222,207)
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Net loss applicable to Class A Common Stock....................... $ (54,500)
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Net loss applicable to Class B Common Stock....................... $ (167,707)
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Weighted average number of common stock, common stock
equivalents and converted shares outstanding.................. 264,798 (a)
Add: Shares issuable assuming conversion of zero coupon
convertible notes due 2004................................. 6,358
Shares issuable assuming conversion of zero coupon
convertible notes due 2007................................. 7,440
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Weighted average number of common shares, common stock
equivalents and convertible shares, assuming full dilution... 278,596
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Weighted average number of Class A common shares, common stock
equivalents and convertible shares assuming full dilution..... 68,330
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Weighted average number of Class B common shares, common stock
equivalents and convertible shares assuming full dilution..... 210,266
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Loss per share of Class A and Class B common stock
assuming full dilution......................................... $ (0.80)
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This calculation is submitted in accordance with the rules and regulations of
the Securities and Exchange Commission. Under generally accepted accounting
principles this presentation would not be made because it is anti-dilutive.
(a) The weighted average number of common stock, common stock equivalents and
converted shares outstanding is not the same as the balance on the primary
earnings per share calculation as the market price at the close of the
period was used in place of the average price in order to reflect maximum
dilution.