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Exhibit 11
Morgan Stanley Dean Witter & Co.
Computation of Earnings Per Share
(In millions, except share data)
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<CAPTION>
Three Months Ended Six Months Ended
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May 31 May 31 May 31 May 31
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic:
Weighted-average shares outstanding 1,098,245,490 1,108,293,164 1,096,007,767 1,107,576,394
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Earnings:
Net Income $1,458 $1,151 $3,002 $2,188
Less:Preferred stock dividend
requirements (9) (10) (18) (21)
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Earnings applicable to common shares $1,449 $1,141 $2,984 $2,167
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Basic earnings per share $1.32 $1.03 $2.72 $1.96
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Diluted:
Weighted-average shares outstanding 1,098,245,490 1,108,293,164 1,096,007,767 1,107,576,394
Average common shares issuable
under employee benefit plans 47,155,819 41,590,052 46,409,180 39,928,748
Average common shares issuable upon
conversion of ESOP preferred stock (1) - 23,428,154 3,905,822 23,511,228
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Total weighted-average diluted shares 1,145,401,309 1,173,311,370 1,146,322,769 1,171,016,370
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Earnings:
Net Income $1,458 $1,151 $3,002 $2,188
Less:Preferred stock dividend
requirements (9) (9) (18) (18)
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Earnings applicable to common shares $1,449 $1,142 $2,984 $2,170
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Diluted earnings per share $1.26 $0.97 $2.60 $1.85
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(1) In January 2000, all shares of the ESOP Convertible Preferred Stock were
converted into shares of common stock of the Company.
