EXHIBIT 11.2
SYNOVUS FINANCIAL CORP.
COMPUTATION OF NET INCOME
PER COMMON SHARE
(UNAUDITED)
Twelve Months Ended Three Months Ended
December 31, December 31,
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1995 1994 1995 1994
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Primary
Net income $114,582,630 89,452,498 33,633,732 21,752,597
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Average common shares outstanding 76,636,322 75,166,862 77,215,502 75,543,473
Average common shares added, assuming
exercise of dilutive stock options 778,092 829,448 1,011,881 871,346
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Average common shares, as adjusted 77,414,414 75,996,310 78,227,383 76,414,819
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Net income per common share $ 1.48 1.18 0.43 0.28
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Assuming Full Dilution
Net income $114,582,630 89,452,498 33,633,732 21,752,597
Adjustments:
Interest expense on subordinated debentures -- 136,474 -- 34,118
Income tax effect on such interest expense -- (47,766) -- (11,941)
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Net income, as adjusted $114,582,630 89,541,206 33,633,732 21,774,774
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Average common shares outstanding 76,636,322 75,166,862 77,215,502 75,543,473
Average common shares added, assuming
exercise of dilutive stock options 1,055,107 836,672 1,055,107 871,346
Average common shares to be issued, assuming
conversion of subordinated debentures -- 301,947 -- 301,947
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Average common shares, as adjusted 77,691,429 76,305,481 78,270,609 76,716,766
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Net income per common share, assuming
full dilution $ 1.47 1.17 0.43 0.28
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Share and per share data presented in Exhibit 11.2 has not been
retroactively restated to reflect the three-for-two stock split declared by the
Synovus Board of Directors on March 11, 1996, effective April 8, 1996, to
shareholders of record as of March 21, 1996.