EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
<Table>
<Caption>
For Quarter Ended
----------------------------------------
September 30, 2001 September 30, 2000
------------------ ------------------
Number of shares on which basic
earnings per share is calculated:
Average outstanding during period 1,731,803,226 1,758,139,220
Add - Incremental shares under stock
compensation plans 33,463,198 48,576,513
Add - Incremental shares associated
with put options 14,818 --
Add- Incremental shares associated
with contingently issuable shares 2,585,941 3,075,978
-------------- ---------------
Number of shares on which diluted
earnings per share is calculated 1,767,867,183 1,809,791,711
============== ===============
Net income applicable to common
shareholders (millions) $ 1,595 $ 1,958
Less - net income applicable to
contingently issuable shares (millions) 7 (2)
-------------- ---------------
Net income on which diluted
earnings per share is calculated (millions) $ 1,588 $ 1,960
============== ===============
Earnings per share of common stock:
Assuming dilution $ 0.90 $ 1.08
Basic $ 0.92 $ 1.11
</Table>
Stock options to purchase 95,617,180 shares and 26,387,801 shares were
outstanding as of September 30, 2001 and 2000, respectively, but were not
included in the computation of diluted earnings because the options' exercise
price 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 $5 million for the
three months ended September 30, 2000.
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<Page>
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE - (CONTINUED)
(UNAUDITED)
<Table>
<Caption>
For Nine Months Ended
----------------------------------------
September 30, 2001 September 30, 2000
------------------ ------------------
Number of shares on which basic
earnings per share is calculated:
Average outstanding during period 1,736,990,964 1,767,648,237
Add - Incremental shares under stock
compensation plans 36,931,206 49,501,729
Add - Incremental shares associated
with put options 12,638 --
Add - Incremental shares associated
with contingently issuable shares 1,702,963 2,131,485
-------------- --------------
Number of shares on which diluted
earnings per share is calculated 1,775,637,771 1,819,281,451
============== ==============
Net income applicable to common
shareholders (millions) $ 5,380 $ 5,408
Less - net income applicable to
contingently issuable shares (millions) 4 7
-------------- --------------
Net income on which diluted earnings
per share is calculated (millions) $ 5,376 $ 5,401
============== ==============
Earnings per share of common stock:
Assuming dilution $ 3.03 $ 2.97
Basic $ 3.10 $ 3.06
</Table>
Stock options to purchase 73,095,141 shares as of September 30, 2001 and
25,157,800 shares as of September 30, 2000 were outstanding, but were not
included in the computation of diluted earnings because the options' exercise
price 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
nine months ended September 30, 2001 and $15 million for the nine months ended
September 30, 2000.
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