EXHIBIT 11
FIRST COMMERCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30 September 30
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1997 1996 1997 1996
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Primary earnings per share
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Net income $31,698,000 $26,531,000 $93,577,000 $89,731,000
Less: Preferred dividend requirements - (698,000) - (2,116,000)
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Income applicable to common shares $31,698,000 $25,833,000 $93,577,000 $87,615,000
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Weighted average number of common shares
outstanding, net of shares held in
treasury 39,003,175 37,828,162 38,977,365 38,469,086
Shares from assumed exercise of options,
net of treasury stock method 881,085 246,224 611,376 224,440
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39,884,260 38,074,386 39,588,741 38,693,526
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Primary earnings per common share $.79 $.68 $2.36 $2.26
Fully diluted earnings per share
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Income applicable to common shares $31,698,000 $25,833,000 $93,577,000 $87,615,000
Expenses that would not have been incurred
if assumed conversions had occurred:
Preferred dividend requirements - 698,000 - 2,116,000
Interest expense on convertible
debentures, net of tax 1,667,000 1,667,000 5,002,000 4,967,000
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Income applicable to common shares plus
expenses that would not have been
incurred if assumed conversions
had occurred $33,365,000 $28,198,000 $98,579,000 $94,698,000
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Weighted average number of common shares
outstanding, net of shares held in
treasury 39,003,175 37,828,162 38,977,365 38,469,086
Shares from assumed exercise of options,
net of treasury stock method 967,006 246,224 750,996 239,672
Shares from assumed conversion of dilutive
convertible stock and debentures:
Preferred stock - 1,802,864 - 1,897,069
Convertible debentures 3,017,276 3,018,034 3,017,276 3,031,726
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42,987,457 42,895,284 42,745,637 43,637,553
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Fully diluted earnings per common share $.77 $.66 $2.31 $2.17