EXHIBIT 11
THE CHASE MANHATTAN CORPORATION and Subsidiaries
Computation of net income per share
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Net income for primary and fully diluted EPS are computed by subtracting from
the applicable earnings the dividend requirements on preferred stock to arrive
at earnings applicable to common stock and dividing this amount by the
weighted-average number of common and common equivalent shares outstanding
during the period. For a further discussion of the Corporation's earnings per
share computation, reference is made to Note One of the Corporation's 1995
Annual Report.
(in millions, except per share amounts) Three Months Ended Nine Months Ended
September 30, September 30,
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EARNINGS PER SHARE 1996 1995 1996 1995
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Primary
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Earnings:
Income Before Effect of Accounting Change $ 858 $ 764 $ 1,625 $ 2,143
Effect of Change in Accounting Principle -- -- -- (11)(a)
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Net Income $ 858 $ 764 $ 1,625 $ 2,132
Less: Preferred Stock Dividend Requirements 55 56 164 173
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Net Income Applicable to Common Stock $ 803 $ 708 $ 1,461 $ 1,959
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Shares:
Average Common and Common Equivalent Shares Outstanding 447.2 448.4 446.0 438.5
Primary Earnings Per Share:
Income Before Effect of Accounting Change $ 1.80 $ 1.58 $ 3.28 $ 4.49
Effect of Change in Accounting Principle -- -- -- (0.02)(a)
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Net Income $ 1.80 $ 1.58 $ 3.28 $ 4.47
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Assuming Full Dilution
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Earnings:
Net Income Applicable to Common Stock $ 803 $ 708 $ 1,461 $ 1,959
Add: Applicable Dividend on Convertible Preferred Stock -- -- -- 7
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Adjusted Net Income $ 803 $ 708 $ 1,461 $ 1,966
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Shares:
Average Common and Common Equivalent Shares Outstanding 447.2 448.4 446.0 438.5
Additional Shares Issuable Upon Exercise of Stock Options for
Dilutive Effect and Conversion of Preferred Stock (b) 3.3 8.0 6.3 19.0
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Adjusted Shares of Common and Equivalent Shares Outstanding 450.5 456.4 452.3 457.5
Earnings Per Share Assuming Full Dilution:
Income Before Effect of Accounting Change $ 1.78 $ 1.55 $ 3.23 $ 4.32
Effect of Change in Accounting Principle -- -- -- (0.02)(a)
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Net Income $ 1.78 $ 1.55 $ 3.23 $ 4.30
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<FN>
(a) On January 1, 1995, the Corporation adopted SFAS 106 for the accounting for
other postretirement benefits relating to its foreign plans.
(b) During the second quarter of 1995, the Corporation called all of the
outstanding shares of its 10% convertible preferred stock for redemption.
Substantially all of the 10% convertible preferred stock was converted, at
the option of the holders thereof, to common stock. The common stock was
issued from treasury.
</FN>
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