EXHIBIT 11
F&M NATIONAL CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF WEIGHTED AVERAGE SHARES
OUTSTANDING AND EARNINGS PER SHARE - 1996
(in thousands, except per share amounts)
Average shares outstanding - 1996 16,570
Restatement related to Fairfax Bank and Trust Company 2,485 (1)
Restatement related to F&M Bank-Allegiance 1,354 (1)
1996 Weighted Average Shares Outstanding 20,409
Net Income - 1996 $29,298
Earnings per shares - 1996 $ 1.44
(1) On March 29, 1996, the merger with FB&T Financial Corporation was
consummated with 2,517,577 shares of F&M National Corporation common
stock being issued. The transaction was accounted for using the
pooling-of-interests method of accounting. Accordingly, the shares
outstanding have been restated for all reported periods to reflect the
acquisition.
Additionally, on October 1, 1996, the merger with Allegiance Banc
Corporation was consummated with 1,455,628 shares of F&M National
Corporation common stock being issued. The transaction was accounted for
using the pooling-of-interests method of accounting. Accordingly, the
shares outstanding have been restated for all reported periods to reflect
the acquisition.
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EXHIBIT 11
F&M NATIONAL CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF WEIGHTED AVERAGE SHARES
OUTSTANDING AND EARNINGS PER SHARE - 1995
(in thousands, except per share amounts)
Average shares outstanding - 1995 15,657
Restatement related to F&M Bank-Potomac acquisition 872 (1)
Restatement related to Fairfax Bank & Trust Company acquisition 2,485 (2)
Restatement related to F&M Bank-Allegiance acquisition 1,354 (2)
1995 Weighted Average Shares Outstanding 20,368
Net income - 1995 $25,835
Earnings per share - 1995 $ 1.27
(1) On April 6, 1995, the merger with Bank of the Potomac was consummated
with 872,187 shares of F&M National Corporation common stock being
issued. The transaction was accounted for using the pooling-of-interests
method of accounting. Accordingly, the shares outstanding have been
restated for all reported periods to reflect the acquisition.
(2) See description under Exhibit 11 for 1996.
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EXHIBIT 11
F&M NATIONAL CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF WEIGHTED AVERAGE SHARES
OUTSTANDING AND EARNINGS PER SHARE - 1994
(in thousands, except for share amounts)
Average shares outstanding - 1994 12,966
Restatement related to F&M Bank-Peoples acquisition 1,193 (1)
Restatement related to F&M Bank-Hallmark acquisition 1,107 (2)
Restatement related to F&M Bank-Potomac acquisition 872 (3)
Restatement related to Fairfax Bank & Trust Company acquisition 2,510 (4)
Restatement related to F&M Bank-Allegiance, Inc., acquisition 1,354 (4)
Stock dividend - 2.5% 379 (2)
1994 Weighted Average Shares Outstanding 20,381
Net income - 1994 $24,272
Earnings per share - 1994 $ 1.19
(1) On July 1, 1994, the merger with F&M Bank-Peoples was consummated with
1,193,431 shares of F&M National Corporation stock being issued. The
transaction was accounted for using the pooling-of-interests method of
accounting. Accordingly, the shares outstanding have been restated for
all reported periods to reflect the acquisition.
Additionally, on July 1, 1994, the merger with F&M Bank-Hallmark was
consummated with 1,107,414 shares of F&M National Corporation stock being
issued. The transaction was accounted for using the pooling-of-interests
method of accounting. Accordingly, the shares outstanding have been
restated for all reported periods to reflect the acquisition.
(2) Also, the Company paid a 2.5% stock dividend on September 1, 1994, a
total of 378,690 shares. Accordingly, the shares outstanding have been
restated for all reported periods to reflect the stock dividend.
(3) See description under Exhibit 11 for 1995.
(4) See description under Exhibit 11 for 1996.
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