SYNOVUS FINANCIAL CORP.
COMPUTATION OF NET INCOME
PER COMMON SHARE
(In thousands, except per share data)
(Unaudited)
Twelve Months Ended December 31, 1997 Twelve Months Ended December 31, 1996
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Average Per Share Average Per Share
Income Shares Amount Income Shares Amount
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Basic EPS
Net Income $165,236 174,814 0.95 139,604 174,199 0.80
Effect of Dilutive Options 0 2,296 0 1,690
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EPS - Assuming Dilution $165,236 177,110 0.93 139,604 175,889 0.79
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Three Months Ended December 31, 1997 Three Months Ended December 31, 1996
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Average Per Share Average Per Share
Income Shares Amount Income Shares Amount
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Basic EPS
Net Income $ 47,006 175,092 0.27 41,661 174,497 0.24
Effect of Dilutive Options 0 2,402 0 2,125
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EPS - Assuming Dilution $ 47,006 177,494 0.26 41,661 176,622 0.24
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All information presented in Exhibit 11.1 reflects the three-for-two stock split
declared by the Synovus Board of Directors on March 10, 1997, effective April 8,
1997, to shareholders of record on March 21, 1997.
Options to purchase 844,892 shares of common stock at $27.56 per share were
outstanding during the second half of 1997 but were not included in the
computation of diluted earnings per share since the options' exercise price was
greater than the average market price of the common shares. The options, which
expire on June 30, 2005, were still outstanding at December 31, 1997.