Annual Report — [x] Reg. S-K Item 405 — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K405 Annual Report -- [x] Reg. S-K Item 405 93 540K
2: EX-10.(A) Material Contract 123 261K
3: EX-10.(B) Material Contract 162 358K
4: EX-11 Statement re: Computation of Earnings Per Share 3 24K
5: EX-12 Statement re: Computation of Ratios 1 8K
6: EX-18 Letter re: Change in Accounting Principles 1 8K
7: EX-21 Subsidiaries of the Registrant 9 55K
8: EX-23 Consent of Experts or Counsel 2± 12K
9: EX-27 Financial Data Schedule (Pre-XBRL) 1 10K
10: EX-99.(A) Miscellaneous Exhibit 26 153K
11: EX-99.(B) Miscellaneous Exhibit 32 182K
EX-11 — Statement re: Computation of Earnings Per Share
| EX-11 | 1st Page of 3 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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EXHIBIT 11
COMPUTATION OF EARNINGS (LOSS) PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
[Enlarge/Download Table]
YEAR ENDED DECEMBER 31, 1994
------------------------------------------
$1 2/3 PAR
VALUE COMMON CLASS E CLASS H
STOCK COMMON STOCK COMMON STOCK
------------ ------------ ------------
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Net income attributable to stocks (before cumulative
effect of accounting change)......................... $4,965.9 $444.4 $248.4
Dividends on preference stocks......................... 320.7 -- --
-------- ------ ------
Earnings attributable to common stocks................. 4,645.2 444.4 248.4
Dividends on common stocks............................. 592.6 124.8 73.8
-------- ------ ------
Undistributed earnings................................. 4,052.6 319.6 174.6
Adjustments
Add-back dividends on assumed conversion of
preference stock.................................. 32.5 -- --
Change in earnings attributable to each class of
common stock related to the assumed exercise of
stock options*.................................... (5.3) -- 5.3
Dividends on assumed common stock transactions....... (10.4) -- (1.6)
-------- ------ ------
Adjusted earnings attributable to common stocks........ $4,069.4 $319.6 $178.3
======== ====== ======
Weighted average shares outstanding (in millions)...... 741.3 260.3 92.1
Adjustments
Shares issued on assumed conversion of preference
stock*............................................ 8.2 -- --
Assumed exercise of dilutive stock options*.......... 4.8 -- 2.0
-------- ------ ------
Adjusted weighted average shares outstanding........... 754.3 260.3 94.1
======== ====== ======
Per Share Data
Earnings per share attributable to undistributed
earnings on common stocks (before cumulative
effect of accounting change)...................... $5.40 $1.23 $1.90
Cumulative effect of accounting change at January 1,
1994................................................. (0.08)
Dividends.............................................. 0.80 0.48 0.80
----- ----- -----
Earnings per share attributable to common stocks....... $5.15 $1.71 $2.62
===== ===== =====
-------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed conversion of preference stock and exercise of stock options
reflected by these adjustments has no effect on Class E or Class H common
stock earnings per share, because to the extent that shares of Class E or
Class H common stock deemed to be outstanding would increase, such increased
shares would also increase the numerator of the fraction used to determine
Available Separate Consolidated Net Income.
IV-6
COMPUTATION OF EARNINGS (LOSS) PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONTINUED
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YEAR ENDED DECEMBER 31, 1993
--------------------------------------------
$1 2/3 PAR
VALUE CLASS E CLASS H
COMMON STOCK COMMON STOCK COMMON STOCK
------------ ------------ ------------
(DOLLARS IN MILLIONS EXCEPT PER SHARE
AMOUNTS)
Net income attributable to stocks................... $1,894.1 $367.2 $204.5
Dividends on preferred and preference stocks........ 356.8 -- --
-------- ------- -------
Earnings attributable to common stocks.............. 1,537.3 367.2 204.5
Dividends on common stocks.......................... 565.8 97.2 64.1
-------- ------- -------
Undistributed earnings.............................. 971.5 270.0 140.4
Adjustments
Add-back dividends on assumed conversion of
preference stocks.............................. 4.6 -- --
Change in earnings attributable to each class of
common stock related to the assumed share
transactions*.................................. (10.5) 10.5 --
Attributable to conversion of options*............ (6.6) 0.1 6.5
Dividends on assumed common stock transactions.... (6.1) (2.8) (2.0)
-------- ------- -------
Adjusted earnings attributable to common stocks..... $ 952.9 $277.8 $144.9
======== ======= =======
Weighted average shares outstanding (in millions)... 710.2 243.0 88.6
Adjustments
Shares issued on assumed conversion of preference
stocks*........................................ -- 7.0 --
Assumed exercise of dilutive stock options*....... 7.5 -- 2.8
-------- ------- -------
Adjusted weighted average shares outstanding........ 717.7 250.0 91.4
======== ======= =======
Per Share Data
Earnings per share attributable to undistributed
earnings on common stocks......................... $1.33 $1.11 $1.58
Dividends........................................... 0.80 0.40 0.72
-------- ------- -------
Earnings per share attributable to common stocks.... $2.13 $1.51 $2.30
======== ======= =======
-------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed conversion of preference stocks and exercise of stock options
reflected by these adjustments has no effect on Class E or Class H common
stock earnings per share, because to the extent that shares of Class E or
Class H common stock deemed to be outstanding would increase, such increased
shares would also increase the numerator of the fraction used to determine
Available Separate Consolidated Net Income.
IV-7
COMPUTATION OF EARNINGS (LOSS) PER SHARE
ATTRIBUTABLE TO COMMON STOCKS -- CONCLUDED
[Enlarge/Download Table]
YEAR ENDED DECEMBER 31, 1992
----------------------------------------------
$1 2/3 PAR
VALUE CLASS E CLASS H
COMMON STOCK COMMON STOCK COMMON STOCK
------------ ------------ ------------
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Net income (loss) attributable to stocks
(before cumulative effect of accounting
changes).................................... $ (2,914.3) $278.4 $ 15.3
Dividends and accumulation of redemption value
on preferred and preference stocks.......... 306.3 -- --
----------- ------- -------
Earnings (Loss) attributable to common
stocks...................................... (3,220.6) 278.4 15.3
Dividends on common stocks.................... 945.4 76.1 53.3
----------- ------- -------
Undistributed earnings (loss)................. (4,166.0) 202.3 (38.0)
Adjustments
Add-back dividends on assumed conversion of
preference stocks........................ 19.8 -- --
Change in earnings attributable to each
class of common stock related to the
assumed share transactions(1)............ (46.2) 46.2 --
Dividends on assumed common stock
transactions............................. -- (12.5) --
----------- ------- -------
Adjusted earnings (loss) attributable to
common stocks............................... $ (4,192.4) $236.0 (38.0)
=========== ======= =======
Weighted average shares outstanding (in
millions)................................... 670.5 209.1 75.3
Adjustments
Shares issued on assumed conversion of
preference stocks(1)..................... -- 34.8 --
----------- ------- -------
Adjusted weighted average shares
outstanding................................. 670.5 243.9 75.3
=========== ======= =======
Per Share Data
Earnings (Loss) per share attributable to
undistributed earnings (loss) on common
stocks (before cumulative effect of
accounting changes)...................... $(6.25) $0.97 $(0.50)
Cumulative effect of accounting changes at
January 1, 1992............................. (33.43) -- (2.18)
Dividends..................................... 1.40 0.36 0.72
Adjustment.................................... -- -- (0.33)(2)
----------- ------- -------
Earnings (Loss) per share attributable to
common stocks............................... $(38.28) $1.33 $(2.29)
=========== ======= =======
-------------------------
Note: The difference between fully diluted and primary earnings per share is
immaterial.
(1) The assumed conversion of preference stocks and exercise of stock options
reflected by these adjustments has no effect on Class E or Class H common
stock earnings per share, because to the extent that shares of Class E or
Class H common stock deemed to be outstanding would increase, such increased
shares would also increase the numerator of the fraction used to determine
Available Separate Consolidated Net Income (Loss).
(2) The per-share reported loss attributable to Class H common stock of $(2.29)
equals the sum of the separate computations of each of the four quarters,
consistent with the requirements for calculating earnings per share based on
GMHE earnings and the Class H denominator. The calendar year calculation
shown above (based on 1992 weighted average outstanding Class H shares for
the year) requires an adjustment of $(0.33) due to the significant
differences in the average number of shares outstanding in each quarter and
the variations in quarterly earnings.
IV-8
Dates Referenced Herein and Documents Incorporated by Reference
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