Exhibit 11.1
------------
Ball Corporation and Subsidiaries
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(Millions of dollars except per share amounts)
For the Year Ended December 31,
-------------------------------
1994 1993 1992
-------- -------- --------
Earnings per Common Share - Assuming No Dilution
------------------------------------------------
Net income (loss) from:
Continuing operations $ 73.0 $ (32.5) $ 60.9
Alltrista operations -- 2.1 6.2
-------- -------- --------
Net income (loss) before cumulative effect of changes in accounting
principles, net of tax 73.0 (30.4) 67.1
Cumulative effect of changes in accounting principles, net of tax -- (34.7) --
-------- -------- --------
Net income (loss) 73.0 (65.1) 67.1
Preferred dividends, net of tax (3.2) (3.2) (3.4)
-------- -------- --------
Net earnings (loss) attributable to common shareholders $ 69.8 $ (68.3) $ 63.7
======== ======== ========
Weighted average number of common shares outstanding (000s) 29,662 28,712 26,039
======== ======== ========
Earnings (loss) per share of common stock:
Continuing operations $ 2.35 $ (1.24) $ 2.21
Alltrista operations -- 0.07 0.24
Cumulative effect of changes in accounting principles, net of tax -- (1.21) --
-------- -------- --------
$ 2.35 $ (2.38) $ 2.45
======== ======== ========
Earnings per Share - Assuming Full Dilution
-------------------------------------------
Net income (loss) $ 73.0 $ (65.1) $ 67.1
Series C Preferred dividend -- -- (0.1)
Series B ESOP Preferred dividend, net of tax -- (3.2) --
Adjustments for deemed ESOP cash contribution in lieu of Series B
ESOP Preferred dividend (2.4) (a) (1.8)
-------- -------- --------
Net earnings (loss) attributable to common shareholders $ 70.6 $ (68.3) $ 65.2
======== ======== ========
Weighted average number of common shares outstanding (000s) 29,662 28,712 26,039
Dilutive effect of stock options 264 (a) 287
Common shares issuable upon conversion of Series B ESOP Preferred
stock 2,136 (a) 1,897
-------- -------- --------
Weighted average number shares applicable to fully diluted earnings
per share 32,062 28,712 28,223
======== ======== ========
Fully diluted earnings (loss) per share:
Continuing operations $ 2.20 $ (1.24) $ 2.09
Alltrista operations -- 0.07 0.22
Cumulative effect of changes in accounting principles, net of tax
-- (1.21) --
-------- -------- --------
$ 2.20 $ (2.38) $ 2.31
======== ======== ========
(a) No conversion of the Series B ESOP Convertible Preferred Stock is assumed as
the effect is antidilutive.