Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 13, 1998

Documents

EXHIBIT 11

Published on March 13, 1998




Exhibit 11


Diluted Earnings Per Common Share and
Diluted Average Common Shares Outstanding

For diluted earnings per common share, net income available to common
shareholders can be affected by the conversion of the registrant's convertible
preferred stock. Where the effect of this conversion would have been dilutive,
net income available to common shareholders is adjusted by the associated
preferred dividends. This adjusted net income is divided by the weighted
average number of common shares outstanding for each period plus amounts
representing the dilutive effect of stock options outstanding and the dilution
resulting from the conversion of the registrant's convertible preferred stock,
if applicable. The effect of convertible preferred stock is excluded from the
computation of diluted earnings per common share in periods in which the effect
would be antidilutive.

Diluted earnings per common share was determined as follows (shares in
thousands, dollars in millions except per-share information):





Year Ended December 31
--------------------------------------
1997 1996 1995
------------ ------------ ------------

Average common shares outstanding ......................................... 717,450 590,216 544,959
Dilutive effect of
Convertible preferred stock ............................................. 3,683 3,896 4,582
Stock options ........................................................... 16,658 9,235 4,726
------- ------- -------
Total dilutive shares ..................................................... 737,791 603,347 554,267
======= ======= =======
Income available to common shareholders ................................... $ 3,066 $ 2,360 $ 1,942
Preferred dividends paid on dilutive convertible preferred stock .......... 7 7 8
--------- --------- ---------
Total net income available to common shareholders adjusted for dilution ... $ 3,073 $ 2,367 $ 1,950
========= ========= =========
Diluted earnings per common share ......................................... $ 4.17 $ 3.92 $ 3.52
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