1
Exhibit 11
TRW INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In Millions Except Per Share Amounts)
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Years ended December 31
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1994 1993 1992
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PRIMARY
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Net earnings(loss) before cumulative effect $332.7 $ 220.1 $ 193.7
of accounting changes
Less preference dividend requirements 0.7 0.8 0.9
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332.0 219.3 192.8
Cumulative effect of accounting changes - (24.7) (349.4)
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Net earnings(loss) applicable to common shares
(and common share equivalents in 1994 and 1993) $332.0 $ 194.6 ($156.6)
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Average common shares outstanding 64.6 63.5 62.3
Stock options and performance share rights,
based on the treasury stock method using
average market price 1.2 1.2 - (A)
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Average common shares (and common share
equivalents in 1994 and 1993) 65.8 64.7 62.3
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Primary earnings(loss) per share before cumulative
effect of accounting changes $ 5.05 $ 3.39 $ 3.09
Cumulative effect of accounting changes - (0.38) (5.60)
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Primary earnings(loss) per share $ 5.05 $ 3.01 ($2.51)
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FULLY DILUTED
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Net earnings(loss) before cumulative effect
of accounting changes applicable to common
shares (and common share equivalents in 1994 and 1993) $332.0 $ 219.3 $ 192.8
Dividends assuming conversion of other
dilutive securities: (B)
Dilutive preference dividends 0.7 0.8 0.9
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332.7 220.1 193.7
Cumulative effect of accounting changes - (24.7) (349.4)
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Net earnings(loss) applicable to fully diluted shares $332.7 $ 195.4 ($155.7)
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Average common shares outstanding 64.6 63.5 62.3
Common shares assuming conversion of
other dilutive securities: (B)
Dilutive preference shares 0.6 0.7 0.8
Stock options and performance share rights,
based on the treasury stock method using
closing market price if higher than
average market price 1.2 1.5 1.2
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Average fully diluted shares 66.4 65.7 64.3
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Fully diluted earnings(loss) per share before cumulative
effect of accounting changes $ 5.01 $ 3.35 $ 3.01
Cumulative effect of accounting changes - (0.38) (5.43)
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Fully diluted earnings(loss) per share $ 5.01 $ 2.97 ($2.42)(C)
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<FN>
(A) In accordance with Paragraph 30 of APB Opinion No. 15 the common share equivalents are excluded from the primary computation in
1992 as they produce an anti-dilutive result.
(B) Assuming the conversion of the Serial Preference Stock II Series 1 and Series 3.
(C) This calculation is submitted in accordance with the Securities Exchange Act of 1934 Release No. 9083 although it is contrary
to Paragraph 40 of APB Opinion No. 15 as it produces an anti-dilutive result.