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)
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1995 1994 1993
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PRIMARY EARNINGS PER SHARE
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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)
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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)
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Net income applicable to common stock.............. $248,100 $223,463 $ 67,983
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Shares:
Average shares outstanding...................... 67,072 72,237 75,833
Add dilutive stock equivalents from stock plans. 2,129 1,096 1,097
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Weighted average number of common and common
equivalent shares outstanding during the year.. 69,201 73,333 76,930
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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)
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Net income......................................... $3.59 $3.05 $ .88
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FULLY DILUTED EARNINGS PER SHARE (A)
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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)
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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)
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Net income for fully diluted earnings per share.... $250,276 $225,634 $ 70,131
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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
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Weighted average number of common shares used in
calculating fully diluted earnings per share... 71,281 75,714 78,515
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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)
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Net income......................................... $3.51 $2.98 $ .89
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(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.