EXHIBIT 11 CUMMINS ENGINE COMPANY, INC. SCHEDULE OF COMPUTATION OF PER SHARE EARNINGS FOR EACH OF THE THREE YEARS ENDED DECEMBER 31, 1994 ___________________________________________________________________ (Millions, Except Per Share Data) _________________________________ Weighted Net Average Earnings Calculated Shares (Loss) Per Share 1994 ________ ________ _________ ____ Earnings available for common stock shareholders 41.2 $252.9 $6.14 Options .2 - ____ ______ Primary and fully diluted earnings per share 41.4 $252.9 $6.11 ____ ______ 1993 ____ Earnings available for common stock shareholders 34.9 $169.1 $4.85 Options .4 - ____ ______ Primary earnings per share 35.3 169.1 $4.79 Convertible preference stock 3.0 8.0 ____ ______ Fully diluted earnings per 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 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 share 37.4 $(186.6) $(4.99) ____ _______