EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAIL OF COMPUTATION OF EARNINGS
APPLICABLE TO COMMON STOCK
FOR THE THREE YEARS ENDED DECEMBER 31, 1996
- ---------------------------------------------------------------------------------------
1996 1995 1994
---------------------------------------------
NUMBER OF SHARES USED FOR COMPUTATION
OF EARNINGS PER SHARE:
Average number of common shares 49,663,000 49,385,000 43,610,000
================================================
NUMBER OF SHARES USED FOR COMPUTATION
OF EARNINGS PER SHARE ASSUMING FULL
DILUTION:
Average number of common shares 49,663,000 49,385,000 43,610,000
Issuable for options-treasury
stock method
Shares issuable for conversion of
preferred stock 290,000 306,000 329,000
---------------------------------------------
Number of shares used for computation 49,953,000 49,691,000 43,939,000
================================================
COMPUTATION OF EARNINGS APPLICABLE
TO COMMON SHARES:
Income from continuing operations
before cumulative effect of change
in accounting principle $ 64,534,000 $ 7,444,000 $ 67,826,000
Add (deduct):
Adjustments arising from minority
interest in consolidated subsidiaries 10,000
Dividends on Ogden preferred stock (161,000) (171,000) (184,000)
---------------------------------------------
Consolidated income applicable to
Ogden common stock $ 64,373,000 $ 7,273,000 $ 67,652,000
================================================
Cumulative effect of change in
accounting principles -- -- ($ 1,520,000)
============
COMPUTATION OF EARNINGS APPLICABLE
TO COMMON SHARE ASSUMING FULL
DILUTION:
Income from continuing operations
before cumulative effect of
change in accounting principle $ 64,534,000 $ 7,444,000 $ 67,826,000
Add:
Adjustments arising from minority
interest in consolidated subsidiaries -- -- 10,000
---------------------------------------------
Consolidated income applicable to
Ogden common stock $ 64,534,000 $ 7,444,000 $ 67,836,000
================================================
Cumulative effect of change in
accounting principles -- -- ($ 1,520,000)
============
Note: Current options result in less than three percent dilution with the
expectation of continuing at less than three percent dilution.
SCHEDULE II
OGDEN CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEAR ENDED DECEMBER 31, 1996
- -----------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
ADDITIONS
--------------------------------
BALANCE AT CHARGED TO BALANCE AT
BEGINNING COSTS AND CHARGED TO END OF
DESCRIPTION OF PERIOD EXPENSES OTHER ACCOUNTS DEDUCTIONS PERIOD
- -----------------------------------------------------------------------------------------------------------------------------------
Allowances deducted in the balance sheet
from the assets to which they apply:
Doubtful receivables - current $37,039,000 $10,442,000 $ 370,000(A) $ 9,576,000(B) $38,275,000
Doubtful receivables-noncurrent 6,000,000 6,000,000
Deferred charges on projects 3,670,000 4,968,000 8,638,000
--------------------------------------------------------------------------------
TOTAL $40,709,000 $21,410,000 $ 370,000 $ 9,576,000 $52,913,000
================================================================================
Allowances not deducted:
Estimated cost of disposal of discontinued
operations $ 186,000 $ 186,000(C)
Estimated cost of disposal of assets 14,993,000 14,130,000(C) $ 863,000
Provision for restructuring 6,110,000 $ 682,000 4,285,000(C) 2,507,000
Reserves relating to tax indemnification and
other contingencies in connection with the
sale of limited partnership interests in and
related tax benefits of a waste-to-energy
facility 3,000,000 3,000,000
Other 9,371,000 3,743,000 6,221,000(D) 6,893,000
--------------------------------------------------------------------------------
TOTAL $33,660,000 $ 4,425,000 $24,822,000 $13,263,000
================================================================================
Notes:
- ------
(A) Recoveries of amounts previously written off.
(B) Write-offs of receivables considered uncollectible.
(C) Payments charged to allowances.
(D) Reversal to operating costs of provisions no longer required.
SCHEDULE II
OGDEN CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEAR ENDED DECEMBER 31, 1995
- -----------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
ADDITIONS
--------------------------------
BALANCE AT CHARGED TO BALANCE AT
BEGINNING COSTS AND CHARGED TO END OF
DESCRIPTION OF PERIOD EXPENSES OTHER ACCOUNTS DEDUCTIONS PERIOD
- -----------------------------------------------------------------------------------------------------------------------------------
Allowances deducted in the balance sheet
from the assets to which they apply:
Doubtful receivables - current $32,783,000 $ 7,204,000 $ 64,000(A) $ 3,012,000(B) $37,039,000
Deferred charges on projects 7,000,000 3,670,000 7,000,000(C) 3,670,000
---------------------------------------------------------------------------------
TOTAL $39,783,000 $10,874,000 $ 64,000 $10,012,000 $40,709,000
=================================================================================
Allowances not deducted:
Provision for consolidation of facilities $ 3,400,000 $ 2,850,000(D)
550,000(E)
Estimated cost of disposal of discontinued
operations 945,000 $ 4,510,000 5,269,000(E) $ 186,000
Estimated cost of disposal of assets 14,993,000 14,993,000
Provision for restructuring 8,200,000 2,090,000(E) 6,110,000
Reserves relating to tax indemnification and
other contingencies in connection with the
sale of limited partnership interests in and
related tax benefits a of waste-to-energy
facility 6,000,000 3,000,000(D) 3,000,000
Other 3,604,000 7,267,000 1,500,000(D) 9,371,000
---------------------------------------------------------------------------------
TOTAL $13,949,000 $34,970,000 $15,259,000 $33,660,000
=================================================================================
Notes:
- ------
(A) Recoveries of amounts previously written off.
(B) Write-offs of receivables considered uncollectible.
(C) Write-offs of unsuccessful development costs.
(D) Reversal to operating costs of provisions no longer required.
(E) Payments charged to allowances.
SCHEDULE II
OGDEN CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEAR ENDED DECEMBER 31, 1994
- ---------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
ADDITIONS
--------------------------------
BALANCE AT CHARGED TO BALANCE AT
BEGINNING COSTS AND CHARGED TO END OF
DESCRIPTION OF PERIOD EXPENSES OTHER ACCOUNTS DEDUCTIONS PERIOD
- ---------------------------------------------------------------------------------------------------------------------------------
Allowances deducted in the balance sheet
from the assets to which they apply:
Doubtful receivables - current $25,547,000 $ 5,869,000 $ 10,241,000(A) $9,047,000(D) $32,783,000
31,000(B)
142,000(C)
Deferred charges on projects 750,000 5,650,000 1,350,000(B) 750,000(E) 7,000,000
----------------------------------------------------------------------------------
TOTAL $26,297,000 $11,519,000 $ 11,764,000 $9,797,000 $39,783,000
==================================================================================
Allowances not deducted:
Provision for consolidation of facilities $ 4,720,000 -- -- $1,320,000(G) $ 3,400,000
Estimated cost of disposal of discontinued
operations 1,008,000 -- $ 1,485,000(F) 1,548,000(G) 945,000
Reserves relating to tax indemnification
and other contingencies in connection
with the sale of limited partnership
interests in and related tax benefits of
a waste-to-energy facilty -- $ 6,000,000 -- -- 6,000,000
Other 1,477,000 3,500,000 (1,350,000)(B) 23,000(G) 3,604,000
----------------------------------------------------------------------------------
TOTAL $ 7,205,000 $ 9,500,000 $ 135,000 $2,891,000 $13,949,000
==================================================================================
Notes:
- ------
(A) Reserve for contract billing adjustments.
(B) Transfer from other accounts.
(C) Recoveries of amounts previously written off.
(D) Write-offs of receivables considered uncollectible.
(E) Write-offs of unsuccessful development costs.
(F) Net proceeds from operations and sale of assets relating to discontinued
operations credited to provision.
(G) Payments charged to allowances.