EXHIBIT 11
FIRST COMMERCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
June 30 June 30
_________________________________ ________________________________
1996 1995 1996 1995
Primary earnings per share ______________ ______________ _______________ _____________
_____________________________
Net income $31,667,000 $27,171,000 $63,200,000 $41,663,000
Preferred dividend requirements (705,000) (1,086,000) (1,418,000) (2,173,000)
______________ ______________ _______________ _____________
Income applicable to common shares $30,962,000 $26,085,000 $61,782,000 $39,490,000
Weighted average number of common shares ============== ============== =============== =============
outstanding, net of shares held in treasury 38,875,470 37,677,761 38,793,069 37,689,320
Shares from assumed exercise of options,
net of treasury stock method 238,991 157,912 213,429 146,044
______________ ______________ _______________ _____________
39,114,461 37,835,673 39,006,498 37,835,364
============== ============== =============== =============
Earnings per common share $.79 $.69 $1.58 $1.05
Fully diluted earnings per share
_________________________________
Income applicable to common shares $30,962,000 $26,085,000 $61,782,000 $39,490,000
Expenses that would not have been incurred
if assumed conversions had occurred:
Preferred dividend requirements 705,000 1,086,000 1,418,000 2,173,000
Interest expense on convertible
debentures, net of tax 1,614,000 1,717,000 3,300,000 -
______________ ______________ _______________ _____________
Income applicable to common shares plus
expenses that would not have been incurred
if assumed conversions had occurred $33,281,000 $28,888,000 $66,500,000 $41,663,000
============== ============== =============== =============
Weighted average number of shares
outstanding, net of shares held in treasury 38,875,470 37,677,761 38,793,069 37,689,320
Shares from assumed exercise of options,
net of treasury stock method 257,659 186,223 257,659 160,460
Shares from assumed conversion of dilutive
convertible notes and debentures:
Preferred stock 1,819,334 2,792,675 1,944,689 2,792,787
Convertible debentures 3,019,526 3,116,166 3,025,384 -
______________ ______________ _______________ _____________
43,971,989 43,772,825 44,020,801 40,642,567
============== ============== =============== =============
Earnings per common share $.76 $.66 $1.51 $1.02