EXHIBIT 11 BECTON, DICKINSON AND COMPANY COMPUTATION OF EARNINGS PER SHARE YEARS ENDED SEPTEMBER 30, 1994, 1993 AND 1992 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
1994 1993 1992 - ---------------------------------------------------------------------------------- PRIMARY EARNINGS PER SHARE -------------------------- Net income: Income before cumulative effect of accounting changes........................................ $227,174 $212,840 $200,753 Less preferred stock dividends.................. (3,711) (3,800) (2,545)(A) -------- -------- -------- Income before cumulative effect of accounting changes applicable to common stock............. 223,463 209,040 198,208 Cumulative effect of accounting changes, net of taxes.......................................... -- (141,057) -- -------- -------- -------- Net income applicable to common stock........... $223,463 $ 67,983 $198,208 ======== ======== ======== Shares: Average shares outstanding................... 72,237 75,833 75,676 Add dilutive stock equivalents from stock plans....................................... 1,096 1,097 1,352 -------- -------- -------- Weighted average number of common and common equivalent shares outstanding during the year........................................ 73,333 76,930 77,028 ======== ======== ======== Earnings per share: Income before cumulative effect of accounting changes........................................ $3.05 $2.71 $2.57 Cumulative effect of accounting changes, net of taxes.......................................... -- (1.83) -- -------- -------- -------- Net income...................................... $3.05 $ .88 $2.57 ======== ======== ======== FULLY DILUTED EARNINGS PER SHARE (B) ------------------------------------ Net income: Income before cumulative effect of accounting changes applicable to common stock............. $223,463 $209,040 $198,208 Add preferred stock dividends using the "if converted" method.............................. 3,711 3,800 2,545 (A) Less additional ESOP contribution, using the "if converted" method.............................. (1,540) (1,652) (1,735) -------- -------- -------- Income before cumulative effect of accounting changes for fully diluted earnings per share... 225,634 211,188 199,018 Cumulative effect of accounting changes, net of taxes.......................................... -- (141,057) -- -------- -------- -------- Net income for fully diluted earnings per share. $225,634 $ 70,131 $199,018 ======== ======== ======== Shares: Average shares outstanding................... 72,237 75,833 75,676 Add: Dilutive stock equivalents from stock plans..................................... 1,949 1,106 1,522 Shares issuable upon conversion of pre- ferred stock.............................. 1,528 1,576 1,600 -------- -------- -------- Weighted average number of common shares used in calculating fully diluted earnings per share....................................... 75,714 78,515 78,798 ======== ======== ======== Fully diluted earnings per share: Income before cumulative effect of accounting changes........................................ $2.98 $2.69 $2.53 Cumulative effect of accounting changes, net of taxes.......................................... -- (1.80) -- -------- -------- -------- Net income...................................... $2.98 $ .89 $2.53 ======== ======== ========
- -------- (A) Net of tax benefit. (B) Excluding the assumed conversion of preferred shares in 1993 would yield the following results: Income before cumulative effect of accounting changes: $2.71; Cumulative effect of accounting changes, net of taxes: ($1.83); and Net income: $.88.