COMMERCIAL FEDERAL CORPORATION EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
COMPUTATION OF INCOME PER COMMON AND COMMON EQUIVALENT SHARES:
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Three Months Ended Nine Months Ended
March 31, March 31,
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1996 1995 1996 1995
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Net income................................................ $ 16,353,812 $ 15,032,749 $ 39,461,920 $ 18,481,642
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PRIMARY:
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Weighted average common shares outstanding................ 14,822,892 14,197,380 14,475,583 14,172,143
Add shares applicable to stock options
using average market price............................ 211,795 203,974 226,008 225,589
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Total average common and common equivalent
shares outstanding.................................... 15,034,687 14,401,354 14,701,591 14,397,732
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Net income per common and common equivalent share......... $ 1.09 $ 1.04 $ 2.68 $ 1.28
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FULLY DILUTED (1):
Weighted average common shares outstanding................ 14,822,892 14,197,380 14,475,583 14,172,143
Add shares applicable to stock options
using the period-end market price
if higher than average market price
and other dilutive factors............................ 215,001 214,268 232,876 229,021
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Total average common and common equivalent
shares outstanding assuming full dilution............. 15,037,893 14,411,648 14,708,459 14,401,164
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Net income per common share assuming full dilution........ $ 1.09 $ 1.04 $ 2.68 $ 1.28
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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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