1
EXHIBIT 11.01
EASTMAN CHEMICAL COMPANY SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
1996 1995 1994
EARNINGS $ 380 $ 559 $ 336
========= ========= =========
PRIMARY EARNINGS PER SHARE
Average number of common shares outstanding 78.5 81.7 82.7
Common share equivalents (1) 0.7 0.7 0.3
--------- --------- ---------
Average number of common shares and share equivalents 79.2 82.4 83.0
========= ========= =========
Primary earnings per share (1) $ 4.80 $ 6.78 $ 4.05
========= ========= =========
FULLY DILUTED EARNINGS PER SHARE
Average number of common shares outstanding 78.5 81.7 82.7
Common share equivalents (1) 0.8 0.9 0.3
--------- --------- ---------
Average number of common shares and share equivalents 79.3 82.6 83.0
========= ========= =========
Fully diluted earnings per share $ 4.79 $ 6.77 $ 4.05
========= ========= =========
- ----------------------
(1) Common share equivalents of the Company represent the effect of dilutive
stock options outstanding during the period.
118