COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE ----------------------------------------------------------- IN ACCORDANCE WITH OPINION 15 OF THE ACCOUNTING PRINCIPLES BOARD ----------------------------------------------------------------
1996 1995 1994 -------------------------------- ------------------------------- ------------------------------- Income Income Income Attributable Attributable Avg. Shares Attributable Avg. Shares to Common Avg. Shares to Common Avg. Shares to Common of Common and Class B Stock of Common and Class B Stock of Common and Class B Stock and Class B ------------------ and Class B ----------------- and Class B ----------------- Stock Per Stock Per Stock Per Outstanding Total Share Outstanding Total Share Outstanding Total Share ----------- ----- ----- ----------- ----- ----- ----------- ----- ----- (Mils.) (Mils.) (Mils.) (Mils.) (Mils.) (Mils.)
Preliminary Earnings Per Share Calculation 1,179 $4,381 $3.72 1,071 $3,839 $3.58 1,010 $5,021 $4.97 I. Primary Earnings Per Share
. Assuming exercise of options 51 32 45 . Assuming purchase of shares with proceeds of options (35) (17) (27) . Uncommitted ESOP shares (6) (2) (5) . Assuming issuance of shares contingently issuable 2 2 2 ----- ----- ----- Net Common Stock Equivalents 12 15 15 ----- ----- -----
- - - - - a/ The effect of common stock equivalents and/or other dilutive securities was not material in this period; therefore, the amount presented on the income statement is the Preliminary Earnings Per Share Calculation. b/ Reflects the elimination of preferred dividends upon conversion. c/ Incremental effect of dividing assumed option proceeds by the ending price, rather than the average price, of Common Stock for each period when the ending price exceeds the average price.