Exhibit (11) - Statement re: Computation of Net Income Per Common Share
COMPUTATION OF NET INCOME PER COMMON SHARE
Comerica Incorporated and Subsidiaries
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| (in millions, except per share data) | 2003 | 2002 | 2003 | 2002 | ||||||||||||||
| Basic: | ||||||||||||||||||
| Net income applicable to common stock | $ | 157 | $ | 24 | $ | 503 | $ | 395 | ||||||||||
| Average common shares outstanding | 175 | 174 | 175 | 176 | ||||||||||||||
| Basic net income per common share | $ | 0.90 | $ | 0.14 | $ | 2.88 | $ | 2.25 | ||||||||||
| Diluted: | ||||||||||||||||||
| Net income applicable to common stock | $ | 157 | $ | 24 | $ | 503 | $ | 395 | ||||||||||
| Average common shares outstanding | 175 | 174 | 175 | 176 | ||||||||||||||
| Common stock equivalent: | ||||||||||||||||||
| Net effect of the assumed exercise of stock options | 1 | 2 | 1 | 2 | ||||||||||||||
| Diluted average common shares | 176 | 176 | 176 | 178 | ||||||||||||||
| Diluted net income per common share | $ | 0.89 | $ | 0.14 | $ | 2.86 | $ | 2.22 | ||||||||||
Options to purchase an average 9.1 million and 7.0 million shares of common stock at exercise prices ranging from $48.92 - $71.58 and $56.66 - $71.58 were outstanding during the three months ended September 30, 2003 and 2002, respectively, and options to purchase an average 9.2 million and 5.6 million shares of common stock at exercise prices ranging from $44.91 - $71.58 and $60.31 - $71.58 were outstanding during the nine months ended September 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.
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