EX-11 2 a17-8917_1ex11.htm EX-11

EXHIBIT 11

 

COMPUTATION OF BASIC AND DILUTED

EARNINGS PER SHARE

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

March 31, 2017

 

March 31, 2016

 

Number of shares on which basic earnings per share is calculated:

 

 

 

 

 

Weighted-average shares outstanding during period

 

942,440,901

 

961,729,448

 

Add — Incremental shares under stock-based compensation plans

 

4,213,258

 

2,020,910

 

Add — Incremental shares associated with contingently issuable shares

 

1,182,047

 

620,023

 

Number of shares on which diluted earnings per share is calculated

 

947,836,207

 

964,370,381

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

1,753

 

$

2,016

 

Loss from discontinued operations, net of tax (millions)

 

(3

)

(3

)

Net income on which basic earnings per share is calculated (millions)

 

$

1,750

 

$

2,014

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

1,753

 

$

2,016

 

Net income applicable to contingently issuable shares (millions)

 

—

 

—

 

Income from continuing operations on which diluted earnings per share is calculated (millions)

 

$

1,753

 

$

2,016

 

Loss from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated (millions)

 

(3

)

(3

)

Net income on which diluted earnings per share is calculated (millions)

 

$

1,750

 

$

2,014

 

 

 

 

 

 

 

Earnings/(loss) per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

Assuming dilution

 

 

 

 

 

Continuing operations

 

$

1.85

 

$

2.09

 

Discontinued operations

 

0.00

 

0.00

 

Total

 

$

1.85

 

$

2.09

 

 

 

 

 

 

 

Basic

 

 

 

 

 

Continuing operations

 

$

1.86

 

$

2.09

 

Discontinued operations

 

0.00

 

0.00

 

Total

 

$

1.86

 

$

2.09

 

 

Stock options to purchase 17,917 shares and 1,163,996 shares were outstanding as of March 31, 2017 and 2016, but were  not included in the computation of diluted earnings per share because the options’ exercise price during the respective period  was greater than the average market price of the common shares, and, therefore, the effect would have been antidilutive.

 

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