CBS Corp – ‘10-K’ for 12/31/96 – EX-11

As of:  Monday, 3/31/97   ·   For:  12/31/96   ·   Accession #:  1005477-97-969   ·   File #:  1-09553

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                        114    508K 
 2: EX-4.(F)    Credit Agreement                                     148    416K 
 3: EX-10.(A)   Long-Term Management Incentive Plan                   18     63K 
 4: EX-10.(B)   Long-Term Management Incentive Plan                   18     62K 
 5: EX-10.(U)   Stock Purchase Agreement                              53    173K 
 6: EX-11       Computation of Net Earnings Per Share                  2±    13K 
 7: EX-21       Subsidiaries of the Registrant                        13     72K 
 8: EX-23.(A)   Consent of Independent Accountants                     1      7K 
 9: EX-24       Power of Attorney                                      8     18K 
10: EX-27       Financial Data Schedule                                1      8K 

EX-11   —   Computation of Net Earnings Per Share

Viacom Inc. and Subsidiaries
 Computation of Net Earnings Per Share

                                                        [Enlarge/Download Table]

                                                                   Year ended December 31,       
                                                             ----------------------------------- 
                                                               1996          1995        1994    
                                                             ---------     ---------   --------- 
(In millions, except per share amounts)                                                          
                                                                                                 
Earnings:                                                                                        
Earnings from continuing operations .......................  $   170.7     $   150.5     $  77.0 

Cumulative convertible preferred stock dividend requirement       60.0          60.0        75.0 
                                                             ---------     ---------     ------- 
Earnings from continuing operations attributable to                                              
   common stock ...........................................      110.7          90.5         2.0 
Earnings (loss) from discontinued                                                                
   operations, net of tax .................................      (52.0)         72.0        33.0 
Net gain on discontinued operations, net of tax............    1,129.2          --          --   
Extraordinary loss, net of tax ............................       --            --         (20.4)
                                                             ---------     ---------     ------- 
Net earnings ..............................................  $ 1,187.9     $   162.5     $  14.6 
                                                             =========     =========     ======= 

Primary Computation:                                                                             
   Shares:                                                                                       
   Weighted average number of common shares outstanding          364.0         362.4       207.6 
   Common shares potentially issuable in connection with:                                        
      Stock options and warrants ..........................        3.4           8.3         2.6 
      Variable common rights (1) ..........................       --             4.4         4.0 
      Contingent value rights (2) .........................       --            --           5.8 
                                                             ---------     ---------     ------- 
   Weighted average common shares and common                                                     
      share equivalents ...................................      367.4         375.1       220.0 
                                                             =========     =========     ======= 

Net earnings per common share:                                                                   
Earnings from continuing operations .......................  $    0.30     $    0.24     $   .01 
Earnings (loss) from discontinued operations,                                                    
  net of tax ..............................................      (0.14)         0.19         .15 
Net gain on discontinued operations, net of tax ...........       3.07          --          --   
Extraordinary loss, net of tax ............................       --            --          (.09)
                                                             ---------     ---------     ------- 
Net earnings ..............................................  $    3.23     $    0.43     $   .07 
                                                             =========     =========     ======= 

Fully Diluted Computation:                                                                       
   Shares:                                                                                       
   Weighted average number of common shares                                                      
      outstanding .........................................      364.0         362.4       207.6 
   Common shares potentially issuable in connection                                              
      with:                                                                                      
      Stock options and warrants ..........................        3.5           8.6         3.0 
      Variable common rights (1) ..........................       --             4.5         4.0 
      Contingent value rights (2) .........................       --            --           5.8 
      Preferred Stock (3) .................................       --            --          --   
                                                             ---------     ---------     ------- 
   Weighted average common shares and common                                                     
      share equivalents ...................................      367.5         375.5       220.4 
                                                             =========     =========     ======= 

Net earnings per common share:                                                                   
Earnings from continuing operations .......................  $    0.30     $    0.24     $   0.1 
Earnings (loss) from discontinued operations,                                                    
   net of tax .............................................      (0.14)         0.19         .15 
Net gain on discontinued operations, net of tax ...........       3.07          --          --   
Extraordinary loss, net of tax ............................        --           --         (0.09)
                                                             ---------     ---------     ------- 
Net earnings ..............................................  $    3.23     $    0.43     $  0.07 
                                                             =========     =========     ======= 

(1)   The variable common rights (the "VCRs") matured on September 29, 1995. The
  Company issued approximately 6.1 million shares of Viacom Inc. Class B
   Common Stock, or .022665 of a share of Viacom Inc. Class B Common Stock
per VCR, to settle its obligation under the VCRs.                   

(2)   The contingent value rights (the "CVRs") matured on July 7, 1995. The     
   Company paid approximately $81.9 million in cash of approximately $1.44
pen CVR to settle its obligation.                                   

(3)   For the years ended December 31, 1996, 1995, and 1994, the assumed        
     conversion of preferred stock had an anti-dilutive effect on earnings per
     share, resulting from the assumed reduction in preferred stock dividends,
and therefore was excluded from the fully diluted earnings per share
calculation.                                                        

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/31/97		10-Q
For Period End:		12/31/96		11-K,  NT 11-K
		12/31/95		10-K,  11-K
		9/29/95		8-K
		7/7/95
		12/31/94		10-K,  11-K
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