EXHIBIT 11 CUMMINS ENGINE COMPANY, INC., AND SUBSIDIARIES SCHEDULE OF COMPUTATION OF PER SHARE EARNINGS FOR EACH OF THE THREE YEARS ENDED DECEMBER 31, 1993 (Millions, except per share data) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Weighted Net Average Earnings Calculated Shares (Loss) Per Share ~~~~~~~~ ~~~~~~~~ ~~~~~~~~~~ 1993 ~~~~ Earnings available for common stock shareholders 34.9 $ 169.1 $ 4.85 Options .4 - ~~~~ ~~~~~~~ Primary earnings per common share 35.3 169.1 $ 4.79 Convertible preference stock 3.0 8.0 ~~~~ ~~~~~~~ Fully diluted earnings per common share 38.3 $ 177.1 $ 4.63 ~~~~ ~~~~~~~ 1992 ~~~~ Earnings (loss) available for common stock shareholders 32.9 $(197.5) $(6.01) Options .4 - ~~~~ ~~~~~~~~ Primary earnings (loss) per common share 33.3 $(197.5) $(5.92) Convertible preference stock 3.0 8.0 LYONs 1.1 3.3 Other - ( .4) ~~~~ ~~~~~~~~ Fully diluted earnings (loss) per common share 37.4 $(186.6) $(4.99) ~~~~ ~~~~~~~~ 1991 ~~~~ Earnings (loss) available for common stock shareholders 29.7 $( 22.1) $( .75) Options .3 - ~~~~ ~~~~~~~~ Primary earnings (loss) per common share 30.0 (22.1) $( .74) Convertible preference stock 3.0 8.0 LYONs 1.1 3.0 ~~~~ ~~~~~~~~ Fully diluted earnings (loss) per common share 34.1 $( 11.1) $( .32) ~~~~ ~~~~~~~~