EXHIBIT (11)
FIRST INTERSTATE BANCORP
COMPUTATION OF EARNINGS PER SHARE
(dollars in thousands except for per share amounts)
Year Ended December 31
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1994 1993 1992
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Net income $ 733,510 $ 736,716 $ 282,261
Less dividends on preferred stock 33,250 46,624 59,183
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Net income, as adjusted, for calculation of
primary and fully diluted earnings per share $ 700,260 $ 690,092 $ 223,078
Less:
Extraordinary Item -- (24,788) --
Cumulative effect of accounting changes -- 200,103 --
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Income before extraordinary item and
cumulative effect of accounting
changes for calculation of primary
and fully diluted earnings per share $ 700,260 $ 514,777 $ 223,078
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Weighted average number of shares outstanding 78,852,492 75,823,371 68,780,642
Dilutive effect of outstanding stock options
(as determined by application of the
treasury stock method) 1,550,473 1,190,527 346,101
Shares issuable from assumed conversion of
Class A Common Stock -- --(1) 4,303
Stock units under Management Incentive Plan 18,977 8,851 4,178
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Weighted average number of shares, as
adjusted, for calculation of primary
earnings per share 80,421,942 77,022,749 69,135,224
Additional dilutive effect of
outstanding stock options 73,184 224,636 374,009
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Weighted average number of shares, as
adjusted, for calculation of fully
diluted earnings per share 80,495,126 77,247,385 69,509,233
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Primary and fully diluted earnings per share (2):
Income before extraordinary item and
cumulative effect ofaccounting changes $ 8.71 $ 6.68 $ 3.23
Extraordinary Item -- (0.32) --
Cumulative effect of accounting changes -- 2.60 --
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Net income $ 8.71 $ 8.96 $ 3.23
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<FN>
(1) Shares previously issuable from assumed conversion of Class A Common Stock
were issued in February and are included in the actual average shares number.
(2) Fully diluted earnings per share are considered equal to primary earnings
per share because the addition of potentially dilutive securities which
are not common stock equivalents resulted in dilution of less than three percent.
</FN>