EXHIBIT 11.1 COMPUTATION OF PER SHARE EARNINGS Three-Month and Twelve-Month Periods Ended March 31, 1997 Fully Three Months Ended March 31, 1997: Primary Diluted ====================================== ========== ========== Weighted Average Number of Shares: Average Common Shares Outstanding at March 31, 1997 59,558,343 59,558,343 Dilutive Effect for Nonqualified Stock Options at March 31, 1997 259,364 259,364 ---------- ---------- Weighted Average Shares at March 31, 1997 59,817,707 59,817,707 ========== ========== Net Income to Be Used to Compute Earnings Per Average Common Share: (Dollars in thousands) Net Income $ 70,838 $ 70,838 Dividend Requirements on Preferred Shares 0 0 ---------- ---------- Balance Available for Common Shareholders $ 70,838 $ 70,838 ========== ========== Earnings Per Average Common Share $ 1.18(a) $ 1.18(a) ========== ========== Fully Twelve Months Ended March 31, 1997: Primary Diluted ======================================= ========== ========== Weighted Average Number of Shares: Average Common Shares Outstanding at March 31, 1997 60,570,358 60,570,358 Dilutive Effect for Nonqualified Stock Options at March 31, 1997 236,433 257,080 ---------- ---------- Weighted Average Shares at March 31, 1997 60,806,791 60,827,438 ========== ========== Net Income to Be Used to Compute Earnings Per Average Common Share: (Dollars in thousands) Net Income $ 180,086 $ 180,086 Dividend Requirements on Preferred Shares 0 0 ---------- ---------- Balance Available for Common Shareholders $ 180,086 $ 180,086 ========== ========== Earnings Per Average Common Share $ 2.96(a) $ 2.96(a) ========== ========== <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%.