EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
Three-Month, Six-Month, and Twelve-Month
Periods Ended June 30, 1996
Fully
Three Months Ended June 30, 1996: Primary Diluted
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Weighted Average Number of Shares:
Average Common Shares Outstanding at
June 30, 1996 61,234,350 61,234,350
Dilutive Effect for Nonqualified
Stock Options at June 30, 1996 342,993 406,438
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Weighted Average Shares at June 30, 1996 61,577,343 61,640,788
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 23,429 $ 23,429
Dividend Requirements on Preferred Shares 0 0
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Balance Available for Common Shareholders $ 23,429 $ 23,429
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Earnings Per Average Common Share $ 0.38(a) $ 0.38(a)
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Fully
Six Months Ended June 30, 1996: Primary Diluted
=============================== ========== ==========
Weighted Average Number of Shares:
Average Common Shares Outstanding at
June 30, 1996 61,649,509 61,649,509
Dilutive Effect for Nonqualified
Stock Options at June 30, 1996 364,434 406,438
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Weighted Average Shares at June 30, 1996 62,013,943 62,055,947
========== ==========
Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 90,915 $ 90,915
Dividend Requirements on Preferred Shares 119 119
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Balance Available for Common Shareholders $ 90,796 $ 90,796
========== ==========
Earnings Per Average Common Share $ 1.46(a) $ 1.46(a)
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Fully
Twelve Months Ended June 30, 1996: Primary Diluted
================================== ========== ==========
Weighted Average Number of Shares:
Average Common Shares Outstanding at
June 30, 1996 62,219,569 62,219,569
Dilutive Effect for Nonqualified
Stock Options at June 30, 1996 278,995 406,438
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Weighted Average Shares at June 30, 1996 62,498,564 62,626,007
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 179,101 $ 179,101
Dividend Requirements on Preferred Shares 1,651 1,651
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Balance Available for Common Shareholders $ 177,450 $ 177,450
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Earnings Per Average Common Share $ 2.84(a) $ 2.83(a)
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<FN>
Note:
(a) This calculation is submitted in accordance with regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.