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EXHIBIT A (11)
COMPUTATION OF EARNINGS PER SHARE
Set forth below are computations, on a primary basis and on a fully
diluted basis in accordance with subparagraph (b)(11) of Item 601 of Regulation
S-K of the Securities and Exchange Commission, of earnings per share of the
Common Stock, without par value, of Registrant for each of the three years
ended December 31, 1995, 1994 and 1993, respectively:
(DOLLARS IN MILLIONS, EXCEPT PER SHARE)
1995 1994 1993
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Primary:
Net Income $611.0 $567.0 $387.8
Adjusted average number of common shares
outstanding 153,949,022 153,133,492 149,895,685
Primary earnings per share $3.97 $3.70 $2.59
Fully Diluted:
Net Income $611.0 $567.0 $387.8
Add after-tax interest expense applicable
to 6.875% Convertible Debentures due 2003 -- -- 3.4
----------- ----------- -------------
Adjusted Net Income $611.0 $567.0 $391.2
Adjusted average number of shares
outstanding 154,215,273 153,133,492 151,773,777
Fully diluted earnings per share $3.96 $3.70 $2.58
The foregoing computations do not reflect any significant potentially
dilutive effect Registrant's Preferred Stock Purchase Rights Plan could have in
the event such Rights become exercisable and any shares of either Series A
Preferred Stock or Common Stock of Registrant are issued upon the exercise of
such Rights. Reference is made to the Note 18, captioned "Preferred Stock
Purchase Rights Plan", in the Notes to Financial Statements set forth in Item 8
of the Registrant's Annual Report on Form 10-K for the year ended December 31,
1995, at page 49.
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