EXHIBIT 11
SOUTHERN NATIONAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
1995 1994 1993
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PRIMARY EARNINGS PER SHARE:
Weighted average number of common shares
outstanding during the period........... 102,764,355 101,167,251 97,849,458
Add--
Dilutive effect of outstanding options
(as determined by application of
treasury stock method)................ 1,218,140 1,181,522 1,330,198
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Weighted average number of common
shares, as adjusted.................... 103,982,495 102,348,773 99,179,656
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Income before cumulative effect of
changes in accounting principles...... $ 178,133 $ 236,872 $ 120,091
Less--Cumulative effect of changes in
accounting principles, net of income
taxes............................... -- -- 34,263
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Net income............................. 178,133 236,872 85,828
Less--
Preferred dividend requirements........ 5,079 5,198 5,198
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Income available for common shares...... $ 173,054 $ 231,674 $ 80,630
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Primary earnings per share
Income before cumulative effect of
changes in accounting principles...... $ 1.66 $ 2.26 $ 1.16
Less--Cumulative effect of changes in
accounting principles, net of income
taxes............................... -- -- .35
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Net income............................. $ 1.66 $ 2.26 $ .81
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FULLY DILUTED EARNINGS PER SHARE:
Weighted average number of common shares
outstanding during the period........... 102,764,355 101,167,251 97,849,458
Add--
Shares issuable assuming conversion of
convertible preferred stock........... 4,458,426 4,548,236 4,548,236
Dilutive effect of outstanding options
(as determined by application of
treasury stock method)................ 1,458,096 1,186,516 1,358,738
Shares assuming conversion of
convertible debentures................ 326,751 497,463 1,307,713
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Weighted average number of common
shares, as adjusted.................... 109,007,628 107,399,466 105,064,145
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Assuming full dilution
Net income............................. $ 178,133 $ 236,872 $ 85,828
Add--After tax interest expense and
amortization issue costs applicable to
convertible debentures................ 214 325 324
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Net income, as adjusted................ $ 178,347 $ 237,197 $ 86,152
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Fully diluted earnings per share
Income before cumulative effect of
changes in accounting principles...... $ 1.64 $ 2.21 $ 1.16
Less--Cumulative effect of changes in
accounting principles, net of income
taxes............................... -- -- .35
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Net income............................. $ 1.64 $ 2.21 $ .81
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