Comerica (CMA) 10-Q 2003 Q2 Quarterly report

Exhibit (11) - Statement re: Computation of Net Income Per Common Share

COMPUTATION OF NET INCOME PER COMMON SHARE
Comerica Incorporated and Subsidiaries

(in millions, except per share data)

			Three Months Ended				Six Months Ended
			June 30,				June 30,
			2003		2002		2003		2002
Basic:
	Net income applicable to common stock		$	170	$	157	$	346	$	371
	Average common shares outstanding			175		176		175		176
	Basic net income per common share		$	0.98	$	0.89	$	1.98	$	2.11
Diluted:
	Net income applicable to common stock		$	170	$	157	$	346	$	371
	Average common shares outstanding			175		176		175		176
	Common stock equivalent:
		Net effect of the assumed exercise of stock options		1		2		1		2
Diluted average common shares				176		178		176		178
Diluted net income per common share			$	0.97	$	0.88	$	1.97	$	2.08

     Options to purchase an average 9.2 million and 6.2 million shares of common stock at exercise prices ranging from $44.91 - $71.58 and $63.20 - $71.58 were outstanding during the three months ended June 30, 2003 and 2002, respectively, and options to purchase an average 9.3 million and 5.0 million shares of common stock at exercise prices ranging from $43.63 - $71.58 and $61.25 - $71.58 were outstanding during the six months ended June 30, 2003 and 2002, respectively, but were not included in the computation of diluted net income per common share because the options’ exercise prices were greater than the average market price of common shares for the period.