Notes to Consolidated Financial Statements



11. Reconciliation of Earnings Per Common Share

Following is a reconciliation of basic and diluted earnings per common share for the respective years:

Fiscal Year
In millions, except per share amounts 2000 1999 1998

Numerator for earnings per common share calculation:
  Net earnings $  746.0 $  635.1 $  384.5
  Preference dividends, net of income tax benefit (14.6) (14.7) (13.6)

  Net earnings available to common shareholders, basic $  731.4 $  620.4 $  370.9

  Net earnings $  746.0 $  635.1 $  384.5
  Effect of dilutive securities:
    Dilutive earnings adjustments (0.7) - (0.8)

  Net earnings available to common shareholders, diluted $  745.3 $  635.1 $  383.7

Denominator for earnings per common share calculation:
  Weighted average common shares, basic 391.0 391.3 387.1
  Effect of dilutive securities:
    Preference stock 10.8 10.7 10.5
    Stock options 6.2 6.9 7.6

  Weighted average common shares, diluted 408.0 408.9 405.2

Basic earnings per common share:
  Net earnings $    1.87 $    1.59 $    0.96

Diluted earnings per common share:
  Net earnings $    1.83 $    1.55 $    0.95


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