Exhibit 11.
Norwest Corporation and Subsidiaries
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
In thousands, except per common share amounts Quarter Ended
June 30,
1996 1995
PRIMARY:
Weighted average number of common shares
outstanding ..................................... 366,170 325,239
Net effect of assumed exercise of stock options
based on treasury stock method using average
market price .................................... 3,452 2,309
369,622 327,548
Net income ........................................ $285,406 234,303
Less dividends accrued on preferred stock ........ 4,440 10,422
Net income, as adjusted .......................... $280,966 223,881
Net income per common share ...................... $ 0.76 0.68
FULLY DILUTED:
Weighted average number of common shares
outstanding ..................................... 366,170 325,239
Net effect of assumed exercise of stock options
based on treasury stock method using average
market price or period-end market price,
whichever is higher ............................. 3,452 2,665
Assumed conversion of 6 3/4% convertible
subordinated debentures due 2003 ................ 18 24
Assumed conversion of Cumulative Convertible
Preferred Stock ................................. - 12,610
369,640 340,538
Net income ........................................ $285,406 234,303
Less dividends accrued on preferred stock ........ 4,440 6,429
Add 6 3/4% convertible subordinated debentures
interest and amortization of debt expense,
net of income tax effect ........................ 1 1
Net income, as adjusted .......................... $280,967 227,875
Net income per common share....................... $ 0.76 0.67
49
Exhibit 11.
(continued)
Norwest Corporation and Subsidiaries
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
In thousands, except per common share amounts Six Months Ended
June 30,
1996 1995
PRIMARY:
Weighted average number of common shares
outstanding ..................................... 361,781 319,023
Net effect of assumed exercise of stock options
based on treasury stock method using average
market price .................................... 3,461 1,982
365,242 321,005
Net income ........................................ $556,788 451,126
Less dividends accrued on preferred stock ........ 8,881 20,876
Net income, as adjusted .......................... $547,907 430,250
Net income per common share ...................... $ 1.50 1.34
FULLY DILUTED:
Weighted average number of common shares
outstanding ..................................... 361,781 319,023
Net effect of assumed exercise of stock options
based on treasury stock method using average
market price or period-end market price,
whichever is higher ............................. 3,461 2,738
Assumed conversion of 6 3/4% convertible
subordinated debentures due 2003 ................ 18 28
Assumed conversion of Cumulative Convertible
Preferred Stock ................................. - 12,616
365,260 334,405
Net income ........................................ $556,788 451,126
Less dividends accrued on preferred stock ........ 8,881 12,880
Add 6 3/4% convertible subordinated debentures
interest and amortization of debt expense,
net of income tax effect ........................ 2 3
Net income, as adjusted .......................... $547,909 438,249
Net income per common share....................... $ 1.50 1.32
50