1 EXHIBIT 11 COMPUTATION OF NET INCOME PER SHARE (Thousands of Dollars Except Per Share Data) 1993 1992 1991 - --------------------------------------------------------------------------------------------- FULLY DILUTED Average shares outstanding 88,716,976 88,106,534 87,441,898 Options -- treasury stock method 744,892 812,608 915,248 Assumed conversion of 6.25% Convertible Subordinated Debentures 84,899 92,406 108,261 - --------------------------------------------------------------------------------------------- Average fully diluted shares 89,546,767 89,011,548 88,465,407 Income before cumulative effects of changes in accounting methods $165,227 $144,636 $128,233 Add 6.25% Convertible Subordinated Debentures interest -- net of tax 10 12 13 - --------------------------------------------------------------------------------------------- Income before cumulative effects of changes in accounting methods applicable to fully diluted shares 165,237 144,648 128,246 Cumulative effects of changes in accounting methods (81,771) - --------------------------------------------------------------------------------------------- Net income applicable to fully diluted shares $165,237 $ 62,877 $128,246 Income per share: Income before cumulative effects of changes in accounting methods $ 1.85 $ 1.63 $ 1.45 Cumulative effects of changes in accounting methods (.92) - --------------------------------------------------------------------------------------------- Net Income $ 1.85 $ .71 $ 1.45 ============================================================================================= PRIMARY Average shares outstanding 88,716,976 88,106,534 87,441,898 Options -- treasury stock method 718,920 798,421 739,628 - --------------------------------------------------------------------------------------------- Average shares and equivalents 89,435,896 88,904,955 88,181,526 Income before cumulative effects of changes in accounting methods $165,227 $144,636 $128,233 Cumulative effects of changes in accounting methods (81,771) - --------------------------------------------------------------------------------------------- Net income applicable to shares and equivalents $165,227 $ 62,865 $128,233 Income per share: Income before cumulative effects of changes in accounting methods $ 1.85 $ 1.63 $ 1.45 Cumulative effects of changes in accounting methods (.92) - --------------------------------------------------------------------------------------------- Net income $ 1.85 $ .71 $ 1.45 ============================================================================================= 40