EXHIBIT 11
FIRST COMMERCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Years Ended
December 31
-----------------------------------
1993 1992 1991
----------- ----------- -----------
Primary earnings per share
- -------------------------------------------
Weighted average number of common shares
outstanding 25,893,194 23,398,079 21,808,941
Shares from assumed exercise of options,
net of treasury stock method 239,017 330,461 -
----------- ----------- -----------
26,132,211 23,728,540 21,808,941
=========== =========== ===========
Net income (in thousands) $95,214 $72,475 $34,029
Preferred dividend requirements 4,348 4,076 -
----------- ----------- -----------
Income applicable to common shares $90,866 $68,399 $34,029
=========== =========== ===========
Per common share $3.48 $2.88 $1.56
=========== =========== ===========
Fully diluted earnings per share
- -------------------------------------------
Weighted average number of shares
outstanding, net of shares held
in treasury 25,893,194 23,398,079 21,808,941
Shares from assumed exercise of options,
net of treasury stock method 221,106 370,560 -
Shares from assumed conversion of dilutive
convertible notes and debentures:
Preferred stock 2,794,085 2,626,806 -
Convertible debentures 3,216,618 3,172,920 -
----------- ----------- -----------
32,125,003 29,568,365 21,808,941
=========== =========== ===========
Income applicable to common shares $90,866 $68,399 $34,029
Expenses that would not have been incurred
if assumed conversions occurred:
Preferred dividend requirements 4,348 4,076 -
Interest expense, net of tax 6,962 7,121 -
----------- ----------- -----------
Income applicable to common shares plus
expenses that would not have been incurred
if assumed conversions occurred $102,176 $79,596 $34,029
=========== =========== ===========
Per common share $3.18 $2.70 $1.56
=========== =========== ===========
Notes:
1. On December 30, 1993, First Commerce Corporation paid a stock split effected
in the form of a 25% stock dividend. Share and per share data have been adjusted
to reflect this stock split.