EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
Three-Month, Nine-Month, and Twelve-Month
Periods Ended September 30, 1996
Fully
Three Months Ended September 30, 1996: Primary Diluted
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Weighted Average Number of Shares:
Average Common Shares Outstanding at
September 30, 1996 61,061,196 61,061,196
Dilutive Effect for Nonqualified
Stock Options at September 30, 1996 254,968 254,968
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Weighted Average Shares at
September 30, 1996 61,316,164 61,316,164
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 34,410 $ 34,410
Dividend Requirements on Preferred Shares 0 0
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Balance Available for Common Shareholders $ 34,410 $ 34,410
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Earnings Per Average Common Share $ 0.56(a) $ 0.56(a)
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Fully
Nine Months Ended September 30, 1996: Primary Diluted
===================================== ========== ==========
Weighted Average Number of Shares:
Average Common Shares Outstanding at
September 30, 1996 61,451,974 61,451,974
Dilutive Effect for Nonqualified
Stock Options at September 30, 1996 251,571 251,571
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Weighted Average Shares at
September 30, 1996 61,703,545 61,703,545
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 125,325 $ 125,325
Dividend Requirements on Preferred Shares 119 119
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Balance Available for Common Shareholders $ 125,206 $ 125,206
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Earnings Per Average Common Share $ 2.02(a) $ 2.02(a)
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Fully
Twelve Months Ended September 30, 1996: Primary Diluted
======================================= ========== ==========
Weighted Average Number of Shares:
Average Common Shares Outstanding at
September 30, 1996 61,724,244 61,724,244
Dilutive Effect for Nonqualified
Stock Options at September 30, 1996 235,117 235,117
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Weighted Average Shares at
September 30, 1996 61,959,361 61,959,361
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 177,153 $ 177,153
Dividend Requirements on Preferred Shares 885 885
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Balance Available for Common Shareholders $ 176,268 $ 176,268
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Earnings Per Average Common Share $ 2.84(a) $ 2.84(a)
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<FN>
(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%.