EXHIBIT 11 CUMMINS ENGINE COMPANY, INC. SCHEDULE OF COMPUTATION OF PER SHARE EARNINGS FOR EACH OF THE THREE YEARS ENDED DECEMBER 31, 1995 ___________________________________________________ (Millions, Except Per Share Data) _________________________________ Weighted Average Net Calculated Shares Earnings Per Share ________ ________ __________ 1995 ____ Earnings available for common stock shareholders 40.6 $224 $5.53 Options .1 - ____ ____ Primary and fully diluted earnings per share 40.7 $224 $5.52 ____ ____ 1994 ____ Earnings available for common stock shareholders 41.2 $253 $6.14 Options .2 - ____ ____ Primary and fully diluted earnings per share 41.4 $253 $6.11 ____ ____ 1993 ____ Earnings available for common stock shareholders 34.9 $169 $4.85 Options .4 - ____ ____ Primary earnings per share 35.3 169 $4.79 Convertible preference stock 3.0 8 ____ ____ Fully diluted earnings per share 38.3 $177 $4.63 ____ ____