EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
<Table>
<Caption>
For Three Months Ended
---------------------------------
June 30, 2001 June 30, 2000
------------- -------------
Number of shares on which basic
earnings per share is calculated:
Average outstanding during period 1,738,248,472 1,767,618,661
Add - Incremental shares under stock
compensation plans 39,485,313 47,477,949
Add - Incremental shares associated
with put options 14,305 --
Add - Incremental shares associated
with contingently issuable shares -- 2,945,635
-------------- --------------
Number of shares on which diluted
earnings per share is calculated 1,777,748,090 1,818,042,245
============== ==============
Net income applicable to common
shareholders (millions) $ 2,040 $ 1,936
Less - net income applicable to
contingently issuable shares (millions) -- 9
-------------- --------------
Net income on which diluted
earnings per share is calculated (millions) $ 2,040 $ 1,927
============== ==============
Earnings per share of common stock:
Assuming dilution $ 1.15 $ 1.06
Basic $ 1.17 $ 1.10
</Table>
Stock options to purchase 48,138,247 shares and 25,390,405 shares were
outstanding as of June 30, 2001 and 2000, respectively, but were not included in
the computation of diluted earnings per share because the options' exercise
price during the respective periods was greater than the average market price of
the common shares and, therefore, the effect would have been antidilutive. In
addition, 2,550,288 restricted stock units as of June 30, 2001 relating to the
company's Long-Term Performance Plan were not included in the computation of
diluted earnings per share as their effect would have been antidilutive. Net
income applicable to common shareholders excludes preferred stock dividends of
$5 million for the three months ended June 30, 2001 and 2000.
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<Page>
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE - (CONTINUED)
(UNAUDITED)
<Table>
<Caption>
For Six Months Ended
------------------------------------
June 30, 2001 June 30, 2000
--------------- --------------
Number of shares on which basic
earnings per share is calculated:
Average outstanding during period 1,739,584,833 1,772,402,745
Add - Incremental shares under stock
compensation plans 38,665,209 49,964,337
Add - Incremental shares associated
with put options 11,549 --
Add - Incremental shares associated
with contingently issuable shares 1,261,473 1,659,239
--------------- --------------
Number of shares on which diluted
earnings per share is calculated 1,779,523,064 1,824,026,321
=============== ==============
Net income applicable to common
shareholders (millions) $ 3,785 $ 3,450
Less - net income applicable to
contingently issuable shares (millions) (2) 9
--------------- --------------
Net income on which diluted earnings
per share is calculated (millions) $ 3,787 $ 3,441
=============== ==============
Earnings per share of common stock:
Assuming dilution $ 2.13 $ 1.89
Basic $ 2.18 $ 1.95
</Table>
Stock options to purchase 61,834,121 shares and 24,542,800 shares were
outstanding as of June 30, 2001 and 2000, respectively, but were not included in
the computation of diluted earnings per share because the options' exercise
price during the respective periods was greater than the average market price of
the common shares, and therefore, the effect would have been antidilutive. Net
income applicable to common shareholders excludes preferred stock dividends of
$10 million for the six months ended June 30, 2001 and 2000.
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