EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED NET INCOME PER COMMON SHARE
Year Ended December 31 (Dollars in millions, except per share data) 1996 1995 1994
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PRIMARY:
Average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 249,726,158 246,217,723 248,052,659
Net effect of the assumed purchase of stock under the stock option
and stock purchase plans--based on the treasury stock method
using average market price. . . . . . . . . . . . . . . . . . . . . . . 3,513,877 3,403,576 3,581,819
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253,240,035 249,621,299 251,634,478
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Income from continuing operations. . . . . . . . . . . . . . . . . . . . . . $1,218.7 $897.1 $568.2
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.4) (19.7) (24.8)
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Income from continuing operations applicable to common equity. . . . . . . . $1,200.3 $877.4 $543.4
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Income from continuing operations per common share . . . . . . . . . . . . . $ 4.74 $ 3.51 $ 2.16
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Loss from discontinued operations. . . . . . . . . . . . . . . . . . . . . . -- -- ($8.5)
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Loss from discontinued operations per common share . . . . . . . . . . . . . -- -- ($.03)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,218.7 $897.1 $559.7
Preferred dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.4) (19.7) (24.8)
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Net income applicable to common equity . . . . . . . . . . . . . . . . . . . $1,200.3 $877.4 $534.9
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Net income per common share. . . . . . . . . . . . . . . . . . . . . . . . . $ 4.74 $ 3.51 $ 2.13
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FULLY DILUTED:*
Average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 249,726,158 246,217,723 248,052,659
Net effect of the assumed purchase of stock under the stock option and
stock purchase plans--based on the treasury stock method using average
market price or year-end market price, whichever is higher. . . . . . . 4,338,992 4,469,380 3,780,094
Conversion of Series 1991A Preferred Stock . . . . . . . . . . . . . . . . . 3,065,010 3,563,191 3,655,684
Other convertible securities . . . . . . . . . . . . . . . . . . . . . . . . -- 1,702,559 2,979,469
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257,130,160 255,952,853 258,467,906
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Income from continuing operations. . . . . . . . . . . . . . . . . . . . . . $1,218.7 $ 897.1 $568.2
Preferred dividends, excluding 1991A Preferred Stock . . . . . . . . . . . . (12.2) (12.2) (17.3)
Interest expense on convertible securities, net. . . . . . . . . . . . . . . -- 1.3 2.3
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Income from continuing operations applicable to common equity. . . . . . . . $1,206.5 $ 886.2 $553.2
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Income from continuing operations per common share . . . . . . . . . . . . . $ 4.69 $ 3.46 $ 2.14
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Loss from discontinued operations. . . . . . . . . . . . . . . . . . . . . . -- -- ($8.5)
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Loss from discontinued operations per common share . . . . . . . . . . . . . -- -- ($.03)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,218.7 $897.1 $559.7
Preferred dividends, excluding 1991A Preferred Stock . . . . . . . . . . . . (12.2) (12.2) (17.3)
Interest expense on convertible securities, net. . . . . . . . . . . . . . . -- 1.3 2.3
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Net income applicable to common equity . . . . . . . . . . . . . . . . . . . $1,206.5 $886.2 $544.7
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Net income per common share. . . . . . . . . . . . . . . . . . . . . . . . . $ 4.69 $ 3.46 $ 2.11
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*THIS CALCULATION IS SUBMITTED IN ACCORDANCE WITH REGULATION S-K ITEM 601(b)(11)
ALTHOUGH NOT REQUIRED BY FOOTNOTE 2 TO PARAGRAPH 17 OF APB OPINION NO. 15
BECAUSE IT RESULTS IN DILUTION OF LESS THAN 3%.
U.S. Bancorp