Exhibit 11 -- Computation of Earnings Per Common Share
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Computation of Earnings Per Common Share
(Dollars in thousands, except per-share data)
(Unaudited)
Computation of Earnings Per Common Share Three Months Ended Six Months Ended
for Statements of Operations: June 30, June 30,
------------------------------------------------- ------------------------- -------------------------
1995 1994 1995 1994
----------- ----------- ----------- -----------
Income before extraordinary item $ 23,394 $ 17,762 $ 11,755 $ 33,994
Less: Dividends on preferred stock -- 677 678 1,355
----------- ----------- ----------- -----------
Income applicable to common stock before
extraordinary item 23,394 17,085 11,077 32,639
Extraordinary item -- -- (963) --
----------- ----------- ----------- -----------
Income applicable to common stock $ 23,394 $ 17,085 $ 10,114 $ 32,639
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted average number of common and common
equivalent shares outstanding:
Weighted average common shares outstanding 17,586,534 16,748,600 17,380,905 16,757,506
Dilutive effect of stock option plans and
common stock warrants after application
of treasury stock method 259,990 484,859 330,656 480,007
----------- ----------- ----------- -----------
17,846,524 17,233,459 17,711,561 17,237,513
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Earnings per common share:
Income before extraordinary item $ 1.31 $ .99 $ .62 $ 1.89
Extraordinary item -- -- (.05) --
----------- ----------- ----------- -----------
Net income $ 1.31 $ .99 $ .57 $ 1.89
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Computation of Fully Diluted Earnings
Per Common Share (1):
-------------------------------------------------
Income before extraordinary item $ 23,394 $ 17,762 $ 11,755 $ 33,994
Add: Interest expense on 7 1/4% convertible
subordinated debentures 102 108 210 217
Less: Dividends on preferred stock -- 677 678 1,355
----------- ----------- ----------- -----------
Income applicable to common stock before
extraordinary item 23,496 17,193 11,287 32,856
Extraordinary item -- -- (963) --
----------- ----------- ----------- -----------
Income applicable to common stock $ 23,496 $ 17,193 $ 10,324 $ 32,856
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted average number of common and common
equivalent shares outstanding:
Weighted average common shares outstanding 17,586,534 16,748,600 17,380,905 16,757,506
Dilutive effect of stock option plans and
common stock warrants after application
of treasury stock method 267,120 503,168 352,888 507,640
Dilutive effect from assumed conversion of
7 1/4% convertible subordinated debentures 273,210 291,254 282,170 291,254
----------- ----------- ----------- -----------
18,126,864 17,543,022 18,015,963 17,556,400
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Earnings per common share:
Income before extraordinary item $ 1.30 $ .98 $ .62 $ 1.87
Extraordinary item -- -- (.05) --
----------- ----------- ----------- -----------
Net income $ 1.30 $ .98 $ .57 $ 1.87
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
<FN>
------------------------
(1) 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%.
36