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 Six Months Ended
June 30 June 30
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1999 1998 1999 1998
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Earnings Before Extraordinary Item $ 122,387 $ 116,950 $ 242,755 $ 227,031
Extraordinary Item, Net of Tax -0- -0- -0- (7,710)
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Net Earnings $ 122,387 $ 116,950 $ 242,755 $ 219,321
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Weighted Average Shares 55,888,459 57,338,227 56,232,804 57,233,046
Add: Options outstanding at period end 1,842,305 1,971,505 1,842,305 1,971,505
Less: Shares assumed purchased back with
proceeds of options exercised 1,298,359 1,199,485 1,307,274 1,235,174
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Diluted Average Shares Outstanding 56,432,405 58,110,247 56,767,835 57,969,377
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Basic Earnings Per Share Calculation:
Basic Earnings Per Share Before Extraordinary Item $ 2.19 $ 2.04 $ 4.32 $ 3.96
Extraordinary Item, Net of Tax 0.00 0.00 0.00 (.13)
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Basic Earnings Per Share $ 2.19 $ 2.04 $ 4.32 $ 3.83
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Diluted Earnings Per Share Calculation:
Diluted Earnings Per Share Before Extraordinary Item $ 2.17 $ 2.01 $ 4.28 $ 3.91
Extraordinary Item, Net of Tax 0.00 0.00 0.00 (.13)
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Diluted Earnings Per Share $ 2.17 $ 2.01 $ 4.28 $ 3.78
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