EXHIBIT 11
Golden West Financial Corporation
Statement of Computation of Basic and Diluted Earnings Per Share
(Dollars in thousands except per share figures)
Three Months Ended Nine Months Ended
September 30 September 30
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1998 1997 1998 1997
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Earnings Before Extraordinary Item $ 108,021 $ 90,007 $ 335,052 $ 260,658
Extraordinary Item, Net of Tax (4,801) -0- (12,511) -0-
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Net Earnings $ 103,220 $ 90,007 $ 322,541 $ 260,658
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Weighted Average Shares 57,562,090 56,740,342 57,343,932 56,980,399
Add: Options outstanding at period end 1,836,505 2,508,310 1,836,505 2,508,310
Less: Shares assumed purchased back with
proceeds of options 1,215,753 1,492,334 1,183,361 1,567,674
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Diluted Average Shares Outstanding 58,182,842 57,756,318 57,997,076 57,921,035
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Basic Earnings Per Share Calculation:
Basic Earnings Per Share Before Extraordinary Item $ 1.87 $ 1.59 $ 5.84 $ 4.57
Extraordinary Item, Net of Tax (0.08) 0.00 (0.22) 0.00
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Basic Earnings Per Share $ 1.79 $ 1.59 $ 5.62 $ 4.57
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Diluted Earnings Per Share Calculation:
Diluted Earnings Per Share Before Extraordinary Item $ 1.85 $ 1.56 $ 5.78 $ 4.50
Extraordinary Item, Net of Tax (0.08) 0.00 (0.22) 0.00
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Diluted Earnings Per Share $ 1.77 $ 1.56 $ 5.56 $ 4.50
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