EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
Three-Month, Six-Month and Twelve-Month
Periods Ended June 30, 1997
Fully
Three Months Ended June 30, 1997: Primary Diluted
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Weighted Average Number of Shares:
Average Common Shares Outstanding at
June 30, 1997 62,827,620 62,827,620
Dilutive Effect for Nonqualified
Stock Options at June 30, 1997 265,673 298,340
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Weighted Average Shares at
June 30, 1997 63,093,293 63,125,960
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 28,236 $ 28,236
Dividend Requirements on Preferred Shares 0 0
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Balance Available for Common Shareholders $ 28,236 $ 28,236
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Earnings Per Average Common Share $ 0.44(a) $ 0.44(a)
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Fully
Six Months Ended June 30, 1997: Primary Diluted
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Weighted Average Number of Shares:
Average Common Shares Outstanding at
June 30, 1997 61,202,013 61,202,013
Dilutive Effect for Nonqualified
Stock Options at June 30, 1997 258,477 298,240
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Weighted Average Shares at
June 30, 1997 61,460,490 61,500,253
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 99,074 $ 99,074
Dividend Requirements on Preferred Shares 0 0
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Balance Available for Common Shareholders $ 99,074 $ 99,074
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Earnings Per Average Common Share $ 1.61(a) $ 1.61(a)
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Fully
Twelve Months Ended June 30, 1997: Primary Diluted
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Weighted Average Number of Shares:
Average Common Shares Outstanding at
June 30, 1997 60,967,583 60,967,583
Dilutive Effect for Nonqualified
Stock Options at June 30, 1997 241,303 298,340
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Weighted Average Shares at
June 30, 1997 61,208,886 61,265,923
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Net Income to Be Used to Compute
Earnings Per Average Common Share:
(Dollars in thousands)
Net Income $ 184,893 $ 184,893
Dividend Requirements on Preferred Shares 0 0
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Balance Available for Common Shareholders $ 184,893 $ 184,893
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Earnings Per Average Common Share $ 3.02(a) $ 3.02(a)
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(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%.