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,
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1997 1996 1997 1996
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Net income $ 34,935 $ 30,211 $ 67,962 $ 59,633
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Weighted average number of common and common
equivalent shares outstanding:
Weighted average common shares outstanding 41,659,277 41,441,336 41,527,598 41,665,760
Dilutive effect of stock option plans after
application of treasury stock method 311,751 308,143 317,240 335,747
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41,971,028 41,749,479 41,844,838 42,001,507
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Net income per common share $ .83 $ .72 $ 1.62 $ 1.42
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Computation of Fully Diluted Earnings
Per Common Share (1):
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Net income $ 34,935 $ 30,211 $ 67,962 $ 59,633
Add: Interest expense on 71/4% convertible
subordinated debentures 53 80 132 163
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Net income applicable to common stock $ 34,988 $ 30,291 $ 68,094 $ 59,796
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Weighted average number of common and common
equivalent shares outstanding:
Weighted average common shares outstanding 41,659,277 41,441,336 41,527,598 41,665,760
Dilutive effect of stock option plans after
application of treasury stock method 329,122 308,360 332,899 341,604
Dilutive effect from assumed conversion of
7 1/4% convertible subordinated debentures 280,554 421,009 349,553 423,308
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42,268,953 42,170,705 42,210,050 42,430,672
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Net income per common share $ .83 $ .72 $ 1.61 $ 1.41
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(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%.
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