Exhibit 11.1
METROPOLITAN FINANCIAL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(In thousands, except per share data) Year Ended December 31
1993 1992 1991
Primary
Average number of common shares outstanding 30,481 26,764 20,351
Net effect of dilutive stock options/warrants-
based on the treasury stock method
using average market price 1,181 1,620 1,295
31,662 28,384 21,646
Income before extraordinary item and cumulative
effect of accounting change 65,174 67,519 57,439
Extraordinary Item _ (6,329) _
Cumulative effect of accounting change _ 75,941 _
Dividends on preferred stock 1,405 1,405 5,085
Net Income 63,769 135,726 52,354
Income per share before extraordinary items and
cumulative effect of accounting change 2.01 2.34 2.42
Extraordinary Item _ (0.22) _
Cumulative effect of accounting change _ 2.66 _
Earnings Per Share $2.01 $4.78 $2.42
Fully Diluted
Average number of common shares outstanding 30,481 26,764 20,351
Net effect of dilutive stock options / warrants-
based on the treasury stock method
using closing market price if higher
than average market price 1,211 1,939 1,782
Net effect of other dilutive securities-
conversion of preferred shares to
common shares _ 1,910 6,361
31,692 30,613 28,494
Income before extraordinary item and
cumulative effect of accounting change 65,174 67,519 57,439
Extraordinary Item _ (6,329) _
Cumulative effect of accounting change _ 75,941 _
Dividends on nonconvertible preferred stock 1,405 1,405 1,405
Net Income 63,769 135,726 56,034
Income per share before extraordinary
items and cumulative effect of accounting change 2.01 2.17 1.96
Extraordinary Item _ (0.21) _
Cumulative effect of accounting change _ 2.47 _
Earnings Per Share $2.01 $4.43 $1.96