Exhibit 11
Viacom Inc. and Subsidiaries
Computation of Net Earnings (Loss) Per Share
Three months Six months ended
ended June 30, June 30,
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1999 1998 1999 1998
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(In millions, except per share amounts)
Earnings (loss):
Earnings (loss) from continuing operations ......... $ 59.3 $(267.3) $ 127.7 $(219.7)
Cumulative convertible perferred stock dividend
requirement ...................................... -- (15.0) (.4) (30.0)
Premium on redemption of preferred stock ........... -- -- (12.0) --
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Earnings (loss) from continuing operations
attributable to common stock ..................... 59.3 (282.3) 115.3 (249.7)
Loss from discontinued operations, net of tax ...... -- (13.4) -- (59.6)
Extraordinary loss, net of tax ..................... -- -- (23.5) --
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Net earnings (loss) ................................ $ 59.3 $(295.7) $ 91.8 $(309.3)
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Basic computation:
Shares:
Weighted average number of common shares ........... 690.6 713.2 693.4 711.8
Net earnings (loss) per common share:
Earnings (loss) from continuing operations ......... $ .09 $ (.40) $ .17 $ (.35)
Loss from discontinued operations, net of tax ...... -- (.01) -- (.08)
Extraordinary loss, net of tax ..................... -- -- (.04) --
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Net earnings (loss) ................................ $ .09 $ (.41) $ .13 $ (.43)
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Dluted computation:
Shares:
Weighted average number of common shares (basic) ... 690.6 713.2 693.4 711.8
Common shares potentially issuable in
connection with stock options and warrants (1) 14.4 -- 14.7 --
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Weighted average number of common shares
(diluted) ........................................ 705.0 713.2 708.1 711.8
Net earnings (loss) per common share:
Earnings (loss) from continuing operations ......... $ .08 $ (.40) $ .16 $ (.35)
Loss from discontinued operations, net of tax ...... -- (.01) -- (.08)
Extraordinary loss, net of tax ..................... -- -- (.03) --
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Net earnings (loss) ................................ $ .08 $ (.41) $ .13 $ (.43)
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(1) For the three and six months ended June 30, 1998, the assumed exercise of
stock options had an anti-dilutive effect on earnings per share, and
therefore was excluded from the diluted earnings per share calculation.