Exhibit 11. Norwest Corporation and Subsidiaries COMPUTATION OF EARNINGS PER SHARE (Unaudited) In thousands, except per common share amounts Quarter Ended September 30, 1997 1996 PRIMARY: Weighted average number of common shares outstanding ..................................... 749,283 741,270 Net effect of assumed exercise of stock options based on treasury stock method using average market price .................................... 9,181 7,373 758,464 748,643 Net income ........................................ $341,614 288,984 Less dividends accrued on preferred stock ........ 4,441 4,441 Net income, as adjusted .......................... $337,173 284,543 Net income per common share ...................... $ 0.44 0.38 FULLY DILUTED: Weighted average number of common shares outstanding ..................................... 749,283 741,270 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 ............................. 9,292 8,923 Assumed conversion of 6 3/4% convertible subordinated debentures due 2003 ................ 35 35 758,610 750,228 Net income ........................................ $341,614 288,984 Less dividends accrued on preferred stock ........ 4,441 4,441 Add 6 3/4% convertible subordinated debentures interest and amortization of debt expense, net of income tax effect ........................ 1 1 Net income, as adjusted .......................... $337,174 284,544 Net income per common share....................... $ 0.44 0.38 51 Exhibit 11. (continued) Norwest Corporation and Subsidiaries COMPUTATION OF EARNINGS PER SHARE (Unaudited) In thousands, except per common share amounts Nine Months Ended September 30, 1997 1996 PRIMARY: Weighted average number of common shares outstanding ..................................... 748,012 729,508 Net effect of assumed exercise of stock options based on treasury stock method using average market price .................................... 10,032 6,938 758,044 736,446 Net income ........................................ $994,866 845,772 Less dividends accrued on preferred stock ........ 13,322 13,322 Net income, as adjusted .......................... $981,544 832,450 Net income per common share ...................... $ 1.29 1.13 FULLY DILUTED: Weighted average number of common shares outstanding ..................................... 748,012 729,508 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 ............................. 11,365 8,696 Assumed conversion of 6 3/4% convertible subordinated debentures due 2003................. 35 36 759,412 738,240 Net income ........................................ $994,866 845,772 Less dividends accrued on preferred stock ........ 13,322 13,322 Add 6 3/4% convertible subordinated debentures interest and amortization of debt expense, net of income tax effect ........................ 3 3 Net income, as adjusted .......................... $981,547 832,453 Net income per common share....................... $ 1.29 1.13 52