EX-11 5 a16-12780_1ex11.htm EX-11

EXHIBIT 11

 

COMPUTATION OF BASIC AND DILUTED

EARNINGS PER SHARE

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

June 30, 2016

 

June 30, 2015

 

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

 

 

 

 

 

Weighted-average shares outstanding during period

 

957,354,880

 

982,309,853

 

Add — Incremental shares under stock-based compensation plans

 

2,398,286

 

3,501,947

 

Add — Incremental shares associated with contingently issuable shares

 

731,716

 

861,760

 

Number of shares on which diluted earnings per share is calculated

 

960,484,882

 

986,673,560

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

2,505

 

$

3,526

 

Loss from discontinued operations, net of tax (millions)

 

0

 

(77

)

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

 

$

2,504

 

$

3,449

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

2,505

 

$

3,526

 

Net income applicable to contingently issuable shares (millions)

 

—

 

—

 

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

 

$

2,505

 

$

3,526

 

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

 

0

 

(77

)

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

 

$

2,504

 

$

3,449

 

 

 

 

 

 

 

Earnings/(loss) per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

Assuming dilution

 

 

 

 

 

Continuing operations

 

$

2.61

 

$

3.58

 

Discontinued operations

 

0.00

 

(0.08

)

Total

 

$

2.61

 

$

3.50

 

 

 

 

 

 

 

Basic

 

 

 

 

 

Continuing operations

 

$

2.62

 

$

3.59

 

Discontinued operations

 

0.00

 

(0.08

)

Total

 

$

2.62

 

$

3.51

 

 

Stock options to purchase 406,237 shares and 39,021 shares were outstanding as of June 30, 2016 and 2015,  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.

 

91


 

COMPUTATION OF BASIC AND DILUTED

EARNINGS PER SHARE

(UNAUDITED)

 

 

 

For the Six Months Ended

 

 

 

June 30, 2016

 

June 30, 2015

 

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

 

 

 

 

 

Weighted-average shares outstanding during period

 

959,542,164

 

985,229,912

 

Add — Incremental shares under stock compensation plans

 

2,209,598

 

3,461,376

 

Add — Incremental shares associated with contingently issuable shares

 

675,870

 

811,793

 

Number of shares on which diluted earnings per share is calculated

 

962,427,631

 

989,503,081

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

4,521

 

$

5,942

 

Loss from discontinued operations, net of tax (millions)

 

(3

)

(165

)

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

 

$

4,518

 

$

5,777

 

 

 

 

 

 

 

Income from continuing operations (millions)

 

$

4,521

 

$

5,942

 

Net income applicable to contingently issuable shares (millions)

 

—

 

—

 

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

 

$

4,521

 

$

5,942

 

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

 

(3

)

(165

)

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

 

$

4,518

 

$

5,777

 

 

 

 

 

 

 

Earnings/(loss) per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

Assuming dilution

 

 

 

 

 

Continuing operations

 

$

4.69

 

$

6.01

 

Discontinued operations

 

0.00

 

(0.17

)

Total

 

$

4.69

 

$

5.84

 

 

 

 

 

 

 

Basic

 

 

 

 

 

Continuing operations

 

$

4.71

 

$

6.03

 

Discontinued operations

 

0.00

 

(0.17

)

Total

 

$

4.71

 

$

5.86

 

 

Stock options to purchase 785,116 shares and 43,611 shares  (average of first and second quarter share amounts) were outstanding as of June 30, 2016 and 2015, 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.

 

92