EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAIL OF COMPUTATION OF EARNINGS APPLICABLE TO COMMON STOCK
FOR THE SIX MONTHS ENDED JUNE 30
--------------------------------------------------------------------------
1998 1997
--------------------------------------------------------------------------
Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- --------- ----------- ------------- ---------
(In Thousands, Except for Share Amounts)
Net income ................... $ 38,760 $ 30,786
Less: preferred stock dividend 73 77
---------- ----------
Basic Earnings Per Share ..... 38,687 50,283 $ 0.77 30,709 49,901 $ 0.62
-------- ---------
Effect of Dilutive Securities:
Stock options ................ 1,042 283
Convertible preferred stock .. 73 260 77 280
6% convertible debentures .... 775 1,088 747 1,088
5 3/4% convertible debentures 566 762 531 762
---------- ------ ---------- ------
Diluted Earnings per Share ... $ 40,101 53,435 $ 0.75 $ 32,064 52,314 $ 0.60
---------- ------ -------- ---------- ------- ---------
FOR THE THREE MONTHS ENDED JUNE 30
----------------------------------------------------------------------------
1998 1997
----------------------------------------------------------------------------
Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- --------- ----------- ------------- ---------
(In Thousands, Except per Share Amounts)
Net income ................... $27,060 $20,009
Less: preferred stock ........ 36 38
------- -------
Basic Earnings Per Share ..... 27,024 50,206 $ 0.54 19,971 49,984 $ 0.40
------- --------
Effect of Dilutive Securities:
Stock options ................ 863 264
Convertible preferred stock .. 36 258 38 277
6% convertible debentures .... 775 2,175 747 2,175
5 3/4% convertible debentures 566 1,524 531 1,524
------- ------ ------ --------
Diluted Earnings per Share ... $28,401 55,026 $ 0.52 $21,287 54,224 $ 0.39
------- ------ ------- ------- ------ --------
Note:
Earnings per common share was computed by dividing net income,
reduced by preferred stock dividend requirements, by the weighted
average of the number of shares of common stock outstanding during
each period.
Diluted earnings per common share was computed on the assumption
that all convertible debentures, convertible preferred stock, and
stock options converted or exercised during each period, or
outstanding at the end of each period were converted at the
beginning of each period or the date of issuance or grant, if
dilutive. This computation provides for the elimination of related
convertible debenture interest and preferred dividends.