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EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE
(Thousands of Dollars Except Per Share Data)
1994 1993 1992
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FULLY DILUTED
Average shares outstanding 86,295,514 88,716,976 88,106,534
Options -- treasury stock method 579,924 744,892 812,608
Assumed conversion of 6.25% Convertible
Subordinated Debentures 70,870 84,899 92,406
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Average fully diluted shares 86,946,308 89,546,767 89,011,548
Income before cumulative effects of changes
in accounting methods $ 186,571 $ 165,227 $ 144,636
Add 6.25% Convertible Subordinated Debentures
interest -- net of tax 8 10 12
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Income before cumulative effects of changes
in accounting methods applicable to fully
diluted shares 186,579 165,237 144,648
Cumulative effects of changes in accounting
methods (81,771)
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Net income applicable to fully diluted shares $ 186,579 $ 165,237 $ 62,877
Income per share:
Income before cumulative effects of
changes in accounting methods $ 2.15 $ 1.85 $ 1.63
Cumulative effects of changes in
accounting methods (.92)
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Net income $ 2.15 $ 1.85 $ .71
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PRIMARY
Average shares outstanding 86,295,514 88,716,976 88,106,534
Options -- treasury stock method 566,222 718,920 798,421
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Average shares and equivalents 86,861,736 89,435,896 88,904,955
Income before cumulative effects of changes
in accounting methods $ 186,571 $ 165,227 $ 144,636
Cumulative effects of changes in accounting
methods (81,771)
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Net income applicable to shares and
equivalents $ 186,571 $ 165,227 $ 62,865
Income per share:
Income before cumulative effects of
changes in accounting methods $ 2.15 $ 1.85 $ 1.63
Cumulative effects of changes in
accounting methods (.92)
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Net income $ 2.15 $ 1.85 $ .71
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