EX-11 6 a08-10117_1ex11.htm EX-11

EXHIBIT 11

 

COMPUTATION OF BASIC AND DILUTED

EARNINGS PER SHARE

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

March 31, 2008

 

March 31, 2007

 

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

 

 

 

 

 

Weighted-average shares outstanding during period

 

1,383,008,552

 

1,499,526,809

 

Add - Incremental shares under stock compensation plans

 

19,810,889

 

20,036,183

 

Add - Incremental shares associated with convertible notes

 

—

 

2,084,409

 

Add - Incremental shares associated with contingently issuable shares

 

1,503,090

 

1,130,070

 

Number of shares on which diluted earnings per share is calculated

 

1,404,322,531

 

1,522,777,471

 

 

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

2,319

 

$

1,844

 

 

 

 

 

 

 

Income from discontinued operations (millions)

 

—

 

000

 

 

 

 

 

 

 

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

 

$

2,319

 

$

1,844

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

2,319

 

$

1,844

 

 

 

 

 

 

 

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

 

—

 

—

 

 

 

 

 

 

 

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

 

2,319

 

1,844

 

 

 

 

 

 

 

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

 

—

 

000

 

 

 

 

 

 

 

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

 

$

2,319

 

$

1,844

 

 

 

 

 

 

 

 

 

Earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

Assuming dilution

 

 

 

 

 

Continuing operations

 

$

1.65

 

$

1.21

 

Discontinued operations

 

—

 

0.00

 

Total

 

$

1.65

 

$

1.21

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

Continuing operations

 

$

1.68

 

$

1.23

 

Discontinued operations

 

—

 

0.00

 

Total

 

$

1.68

 

$

1.23

 

 

Stock options to purchase 40,484,952 shares and 106,883,604 shares were outstanding as of March 31, 2008 and 2007, 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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