EXHIBIT 11 BECTON, DICKINSON AND COMPANY COMPUTATION OF EARNINGS PER SHARE YEARS ENDED SEPTEMBER 30, 1995, 1994 AND 1993 (ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
1995 1994 1993 - --------------------------------------------------------------------------------- PRIMARY EARNINGS PER SHARE -------------------------- Net income: Income before cumulative effect of accounting changes........................................... $251,696 $227,174 $212,840 Less preferred stock dividends..................... (3,596) (3,711) (3,800) -------- -------- -------- Income before cumulative effect of accounting changes applicable to common stock................ 248,100 223,463 209,040 Cumulative effect of accounting changes, net of taxes............................................. -- -- (141,057) -------- -------- -------- Net income applicable to common stock.............. $248,100 $223,463 $ 67,983 ======== ======== ======== Shares: Average shares outstanding...................... 67,072 72,237 75,833 Add dilutive stock equivalents from stock plans. 2,129 1,096 1,097 -------- -------- -------- Weighted average number of common and common equivalent shares outstanding during the year.. 69,201 73,333 76,930 ======== ======== ======== Earnings per share: Income before cumulative effect of accounting changes........................................... $3.59 $3.05 $ 2.71 Cumulative effect of accounting changes, net of taxes............................................. -- -- (1.83) -------- -------- -------- Net income......................................... $3.59 $3.05 $ .88 ======== ======== ======== FULLY DILUTED EARNINGS PER SHARE (A) ------------------------------------ Net income: Income before cumulative effect of accounting changes applicable to common stock................ $248,100 $223,463 $209,040 Add preferred stock dividends using the "if converted" method................................. 3,596 3,711 3,800 Less additional ESOP contribution, using the "if converted" method................................. (1,420) (1,540) (1,652) -------- -------- -------- Income before cumulative effect of accounting changes for fully diluted earnings per share...... 250,276 225,634 211,188 Cumulative effect of accounting changes, net of taxes............................................. -- -- (141,057) -------- -------- -------- Net income for fully diluted earnings per share.... $250,276 $225,634 $ 70,131 ======== ======== ======== Shares: Average shares outstanding...................... 67,072 72,237 75,833 Add: Dilutive stock equivalents from stock plans... 2,725 1,949 1,106 Shares issuable upon conversion of preferred stock........................................ 1,484 1,528 1,576 -------- -------- -------- Weighted average number of common shares used in calculating fully diluted earnings per share... 71,281 75,714 78,515 ======== ======== ======== Fully diluted earnings per share: Income before cumulative effect of accounting changes........................................... $3.51 $2.98 $ 2.69 Cumulative effect of accounting changes, net of taxes............................................. -- -- (1.80) -------- -------- -------- Net income......................................... $3.51 $2.98 $ .89 ======== ======== ========
- -------- (A) 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.