# EXHIBIT I

## COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE UNDER TREASURY STOCK METHOD SET FORTH IN ACCOUNTING PRINCIPLES BOARD OPINION NO. 15

| Year Ended December 31: | 1984 | 1983 | 1982 | 1981 | 1980 |
|---|---|---|---|---|---|
| Number of shares on which published earnings per share based: | | | | | |
| Average outstanding during year | 611,426,324 | 606,769,848 | 596,688,501 | 587,803,373 | 583,516,764 |
| Add—Incremental shares under stock option and stock purchase plans | 4,103,400 | 4,136,237 | 4,818,276 | 454,036 | 1,032,464 |
| —Incremental shares related to 7½% Convertible Debentures (average) | 696,941 | — | — | — | — |
| Number of shares on which fully diluted earnings per share based | 616,226,665 | 610,906,085 | 601,506,777 | 588,257,409 | 584,549,228 |
| Net earnings for the year (millions) | $6,582 | $5,485 | $4,409 | $3,610 | $3,397 |
| Add—Net earnings effect of interest on 7½% Convertible Debentures (millions) | 6 | — | — | — | — |
| Net earnings on which fully diluted earnings per share based (millions) | $6,588 | $5,485 | $4,409 | $3,610 | $3,397 |
| Fully diluted earnings per share | $10.69 | $8.98 | $7.33 | $6.14 | $5.81 |
| Published earnings per share | $10.77 | $9.04 | $7.39 | $6.14 | $5.82 |