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 Basic Earnings Per Common Three Months Ended Nine Months Ended
Share for Statements of Operations: September 30, September 30,
- ------------------------------------------ ------------------------------ ------------------------------
1999 1998 1999 1998
---- ---- ---- ----
Net income $ 42,760 $ 36,581 $ 121,089 $ 116,675
=========== =========== =========== ===========
Weighted average common shares outstanding 82,069,575 87,133,594 82,766,220 89,157,432
=========== =========== =========== ===========
Basic earnings per common share $ .52 $ .42 $ 1.46 $ 1.31
=========== =========== =========== ===========
Computation of Diluted Earnings Per Common
Share for Statements of Operations:
- -------------------------------------------
Net income $ 42,760 $ 36,581 $ 121,089 $ 116,675
=========== =========== =========== ===========
Weighted average number of common shares outstanding
adjusted for effect of dilutive securities:
Weighted average common shares
outstanding used in basic earnings
per common share calculation 82,069,575 87,133,594 82,766,220 89,157,432
Net dilutive effect of:
Stock option plans 167,493 329,634 179,961 359,546
Restricted stock plans 514,379 510,015 415,581 503,458
----------- ----------- ----------- -----------
82,751,447 87,973,243 83,361,762 90,020,436
=========== =========== =========== ===========
Diluted earnings per common share $ .52 $ .42 $ 1.45 $ 1.30
=========== =========== =========== ===========