FIRST COMMERCE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30 September 30
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1994 1993 1994 1993
(Restated)* (Restated)*
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Primary earnings per share
- ----------------------------------
Weighted average number of common shares
outstanding 26,162,932 25,933,807 26,151,607 25,860,062
Shares from assumed exercise of options,
net of treasury stock method 157,976 237,629 165,682 252,411
Less shares held in treasury - - - -
-------------- ------------ ------------ ------------
26,320,908 26,171,436 26,317,289 26,112,473
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Net income (in thousands) $9,423 $23,870 $54,634 $72,385
Preferred dividend requirements 1,086 1,087 $3,260 $3,261
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Income applicable to common shares $8,337 $22,783 $51,374 $69,124
============== ============ ============ ============
Per common share $ .32 $ .87 $1.95 $2.65
============== ============ ============ ============
Fully diluted earnings per share**
- ----------------------------------
Weighted average number of shares
outstanding, net of shares held in treasury 26,162,932 25,999,274 26,151,607 25,925,528
Shares from assumed exercise of options,
net of treasury stock method 157,976 238,495 167,556 260,563
Shares from assumed conversion of dilutive
convertible notes and debentures:
Preferred stock - 2,794,065 2,793,412 2,794,093
Convertible debentures - 3,148,791 3,136,181 3,151,385
-------------- ------------ ------------ ------------
26,320,908 32,180,625 32,248,756 32,131,569
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Income applicable to common shares $8,337 $22,783 $51,374 $69,124
Expenses that would not have been incurred
if assumed conversions occurred:
Preferred dividend requirements - 1,087 3,260 3,261
Interest expense, net of tax - 1,739 5,196 5,222
-------------- ------------ ------------ ------------
Income applicable to common shares plus
expenses that would not have been incurred
if assumed conversions occurred $8,337 $25,609 $59,830 $77,607
============== ============ ============ ============
Per common share $ .32 $ .80 $1.86 $2.42
============== ============ ============ ============
* 1993 data has been restated to reflect the effect of First Acadiana National
Bancshares, Inc.
** For the third quarter of 1994, convertible items were antidilutive;
therefore, the primary and fully diluted eps computations are the same.