EX-11 3 a06-9204_1ex11.htm EX-11

EXHIBIT 11

 

COMPUTATION OF BASIC AND DILUTED

EARNINGS PER SHARE

(UNAUDITED)

 

 

 

For The Three Months Ended

 

 

 

March 31, 2006

 

March 31, 2005

 

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

 

 

 

 

 

Weighted average shares outstanding during period

 

1,564,546,955

 

1,628,672,602

 

Add - Incremental shares under stock compensation plans

 

18,305,165

 

27,872,651

 

Add - Incremental shares associated with convertible notes

 

3,513,675

 

3,900,834

 

Add- Incremental shares associated with contingently issuable shares

 

862,479

 

115,716

 

Number of shares on which diluted earnings per share is calculated

 

1,587,228,274

 

1,660,561,803

 

Income from continuing operations (millions)

 

$

1,708

 

$

1,407

 

 

 

 

 

 

 

Loss from discontinued operations (millions)

 

—

 

5

 

 

 

 

 

 

 

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

 

$

1,708

 

$

1,402

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

1,708

 

$

1,407

 

 

 

 

 

 

 

Less - net income applicable to contingently issuable shares (millions)

 

—

 

1

 

 

 

 

 

 

 

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

 

1,708

 

1,406

 

 

 

 

 

 

 

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

 

—

 

5

 

 

 

 

 

 

 

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

 

$

1,708

 

$

1,401

 

 

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For The Three Months Ended

 

 

 

March 31, 2006

 

March 31, 2005

 

 

 

 

 

 

 

Earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

Assuming dilution

 

 

 

 

 

Continuing operations

 

$

1.08

 

$

0.85

 

Discontinued operations

 

0.00

 

0.00

 

Total

 

$

1.08

 

$

0.84

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

Continuing operations

 

$

1.09

 

$

0.86

 

Discontinued operations

 

0.00

 

0.00

 

Total

 

$

1.09

 

$

0.86

 

 

Stock options to purchase 166,318,040 shares and 144,734,490 shares were outstanding as of March 31, 2006 and 2005, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price during the respective periods was greater than the average market price of the common shares and, therefore, the effect would have been antidilutive.

 

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