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EXHIBIT 11.01
EASTMAN CHEMICAL COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
THIRD QUARTER FIRST NINE MONTHS
1997 1996 1997 1996
Net earnings $ 96 $ 96 $ 258 $ 320
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PRIMARY EARNINGS PER SHARE
Average number of common shares outstanding 78.2 77.9 78.0 78.8
Common share equivalents (1) 0.7 0.6 0.6 0.8
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Average number of common shares and
share equivalents 78.9 78.5 78.6 79.6
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Primary earnings per share $ 1.22 $ 1.22 $ 3.28 $ 4.02
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FULLY DILUTED EARNINGS PER SHARE
Average number of common shares outstanding 78.2 77.9 78.0 78.8
Common share equivalents (1) 0.8 0.7 0.8 0.8
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Average number of common shares and
share equivalents 79.0 78.6 78.8 79.6
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Fully diluted earnings per share $ 1.22 $ 1.22 $ 3.27 $ 4.02
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(1) Common share equivalents of the Company represent the effect of dilutive
stock options outstanding during the period.
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