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EXHIBIT 11
TURNER BROADCASTING SYSTEM,INC.
Computation of Primary Earnings Per Share
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, 1994 June 30, 1994
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Net income (loss) applicable to common stock $ 12,919 $ (705)
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Weighted average number of shares outstanding during the period 205,635 202,847
Add: Common equivalent shares issuable assuming conversion of
Class C Convertible Preferred Stock 74,382 0
Shares issuable upon exercise of stock options 13,850 0
Subtract: Shares which would have been purchased with proceeds
from exercise of such stock options 11,241 0
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Weighted average number of common stock, common stock
equivalents and converted shares outstanding 282,626 202,847
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Weighted average number of Class A common shares and common
stock equivalents 68,330 68,330
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Weighted average number of Class B common shares and common
stock equivalents 214,296 134,517
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Income (loss) per share and common stock equivalent of Class A
and Class B common stock $ 0.05 $ (0.00)
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For the six month period ended June 30, 1994, no common stock equivalents are
included in the calculation of primary earnings per share, due to their
anti-dilutive effect on net loss for the period.
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TURNER BROADCASTING SYSTEM, INC.
Computation of Fully-Diluted Earnings Per Share
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, 1994 June 30, 1994
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Net income (loss) applicable to common stock $ 12,919 $ (705)
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Add: Interest expense on zero coupon subordinated convertible
notes due 2007 4,190 8,308
Interest expense on 6.5% convertible notes 487 975
Subtract: Additional income taxes (1,952) (3,760)
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Adjusted net income (loss) applicable to Common Stock $ 15,644 $ 4,818
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Weighted average number of common stock, common stock
equivalents and converted shares outstanding 282,626 202,847
Add: Shares issuable assuming conversion of zero coupon
convertible notes due 2007 7,440 7,440
Shares issuable assuming conversion of 6.5%
convertible notes 1,664 1,379
Shares issuable assuming conversion of Class C Preferred
stock 0 74,382
Shares issuable assuming exercise of outstanding options 0 3,186
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Weighted average number of common stock, common stock
equivalents and convertible shares, assuming full dilution 291,730 289,234
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Weighted average number of Class A common shares and common
equivalents and convertible shares, assuming full dilution 68,330 68,330
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Weighted average number of Class B common shares and common
equivalents and convertible shares, assuming full dilution 223,400 220,904
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Loss per share and common stock equivalent of Class A
and Class B common stock $ 0.05 $ 0.02
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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.