EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
CHEMICAL FINANCIAL CORPORATION
(Unaudited)
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------- -------------------
1997 1996 1997 1996
------- ------- ------- -------
(In thousands, except per share amounts)
PRIMARY:
Average shares outstanding . . . . . . . . . . . . . 10,228 10,202 10,227 10,202
Net effect of the assumed exercise of
stock options - based on the treasury
stock method using average market
price . . . . . . . . . . . . . . . . . . . . . . . 115 139 118 150
------- ------- ------- -------
10,343 10,341 10,345 10,352
======= ======= ======= =======
Net income . . . . . . . . . . . . . . . . . . . . . $ 5,906 $ 5,412 $17,056 $15,568
======= ======= ======= =======
Net income per common share. . . . . . . . . . . . . $ 0.57 $ 0.52 $ 1.65 $ 1.50
======= ======= ======= =======
FULLY DILUTED:
Average shares outstanding . . . . . . . . . . . . . 10,228 10,202 10,227 10,202
Net effect of the assumed exercise of
stock options - based on the
treasury stock method using end
of period market price. . . . . . . . . . . . . . . 147 138 145 149
------- ------- ------- -------
10,375 10,340 10,372 10,351
======= ======= ======= =======
Net income . . . . . . . . . . . . . . . . . . . . . $ 5,906 $ 5,412 $17,056 $15,568
======= ======= ======= =======
Net income per common share. . . . . . . . . . . . . $ 0.56 $ 0.52 $ 1.64 $ 1.50
======= ======= ======= =======