EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Three Months Ended | ||||
| March 31, 2016 |
| March 31, 2015 | ||
Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 961,729,448 |
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| 988,149,972 |
Add – Incremental shares under stock-based compensation plans |
| 2,020,910 |
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| 3,420,804 |
Add – Incremental shares associated with contingently issuable shares |
| 620,023 |
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| 761,826 |
Number of shares on which diluted earnings per share is calculated |
| 964,370,381 |
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| 992,332,602 |
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Income from continuing operations (millions) | $ | 2,016 |
| $ | 2,415 |
Loss from discontinued operations, net of tax (millions) |
| (3) |
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| (88) |
Net income on which basic earnings per share is calculated (millions) | $ | 2,014 |
| $ | 2,328 |
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Income from continuing operations (millions) | $ | 2,016 |
| $ | 2,415 |
Net income applicable to contingently issuable shares (millions) |
| – |
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| – |
Income from continuing operations on which diluted earnings per share is |
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calculated (millions) | $ | 2,016 |
| $ | 2,415 |
Loss from discontinued operations, net of tax, on which basic and diluted |
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earnings per share is calculated (millions) |
| (3) |
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| (88) |
Net income on which diluted earnings per share is calculated (millions) | $ | 2,014 |
| $ | 2,328 |
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Earnings/(loss) per share of common stock: |
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Assuming dilution |
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Continuing operations | $ | 2.09 |
| $ | 2.44 |
Discontinued operations |
| 0.00 |
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| (0.09) |
Total | $ | 2.09 |
| $ | 2.35 |
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Basic |
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Continuing operations | $ | 2.09 |
| $ | 2.45 |
Discontinued operations |
| 0.00 |
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| (0.09) |
Total | $ | 2.09 |
| $ | 2.36 |
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Stock options to purchase 1,163,996 shares and 48,202 shares were outstanding as of March 31, 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. | |||||
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