EX-11 3 dex11.htm COMPUTATION OF NET INCOME PER COMMON SHARE Computation of Net Income per Common Share

 

Exhibit 11

 

Xerox Corporation

 

 

Computation of Earnings (Loss) Per Common Share

(Dollars in millions, except per-share data; shares in thousands)

 

 

    

Three months

ended March 31,

  
    

2002

     

2001

  

I.      Basic Net (Loss) Earnings Per Common Share

                  

(Loss) Income before cumulative effect of change in accounting principle

   

$

(51

)

   

$

224

 

Accrued dividends on ESOP Preferred Stock

   

 

—

 

   

 

(12

)

    
  

Adjusted Income (Loss) before cumulative effect of change in accounting principle

   

$

51

 

   

$

212

 

    
  

Net (Loss) Income

   

$

(114

)

   

$

222

 

Accrued dividends on ESOP Preferred Stock

   

 

—

 

   

 

(12

)

    
  

Adjusted Net Income

   

$

(114

)

   

$

210

 

    
  

Average common shares outstanding during the period

   

 

724,135

 

   

 

678,518

 

Common shares issuable with respect to exchangeable Shares

   

 

1,504

 

   

 

1,817

 

    
  

Adjusted average shares outstanding for the period

   

 

725,639

 

   

 

680,335

 

    
  

Basic (Loss) Earnings per share before cumulative effect of change in accounting principle

   

$

(0.07

)

   

$

0.31

 

    
  

Basic (Loss) Earnings per share

   

$

(0.16

)

   

$

0.31

 

    
  

II.     Diluted Net Income Per Common Share

                  

(Loss) Income before cumulative effect of change in accounting principle

   

$

(51

)

   

$

224

 

ESOP expense adjustment, net of tax

   

 

—

 

   

 

(7

)

    
  

Adjusted (Loss) Income before cumulative effect of change in accounting principle

   

$

51

 

   

$

217

 

    
  

Net (Loss) Income

   

$

(114

)

   

$

222

 

ESOP expense adjustment, net of tax

   

 

—

 

   

 

(7

)

    
  

Adjusted Net (Loss) Earnings Income

   

$

(114

)

   

$

215

 

    
  

Average common shares outstanding during the period

   

 

724,135

 

   

 

678,518

 

Convertible Debt

   

 

—

 

   

 

1,992

 

Common shares issuable with respect to exchangeable shares

   

 

1,504

 

   

 

5,074

 

ESOP Preferred Stock

   

 

—

 

   

 

96,111

 

    
  

Adjusted average shares outstanding for the period

   

 

725,639

 

   

 

781,695

 

    
  

Diluted (Loss) Earnings per share before cumulative effect of change in accounting principle

   

$

(0.07

)

   

$

0.28

 

    
  

Diluted (Loss) Earnings per share

   

$

(0.16

)

   

$

0.28