1 Exhibit 11 TRW Inc. and Subsidiaries -------------------------- COMPUTATION OF EARNINGS PER SHARE - UNAUDITED --------------------------------------------- (In Millions Except Per Share Amounts) Nine Months Ended September 30 ------------------------------ PRIMARY 1995 1994 - ------- ------ ------ Net earnings $331.4 $232.5 Less preference dividend requirements 0.5 0.5 ------ ------ Net earnings applicable to common shares and common share equivalents $330.9 $232.0 ====== ====== Average common shares outstanding 65.2 64.5 Stock options and performance share rights, based on the treasury stock method using average market price 1.4 0.7 ------ ------ Average common shares and common share equivalents 66.6 65.2 ====== ====== Primary earnings per share $ 4.97 $ 3.56 ====== ====== FULLY DILUTED - ------------- Net earnings applicable to common shares and common share equivalents $330.9 $232.0 Dividends assuming conversion of other dilutive securities: (A) Dilutive preference dividends 0.5 0.5 ------ ------ Net earnings applicable to fully diluted shares $331.4 $232.5 ====== ====== Average common shares outstanding 65.2 64.5 Common shares assuming conversion of other dilutive securities: (A) Dilutive preference shares 0.6 0.7 Stock options and performance share rights, based on the treasury stock method using closing market price if higher than average market price 1.4 0.8 ------ ------ Average fully diluted shares 67.2 66.0 ====== ====== Fully diluted earnings per share $ 4.94 $ 3.52 ====== ====== (A) Assuming the conversion of the Serial Preference Stock II - Series 1 and Series 3.