COMMERCIAL FEDERAL CORPORATION EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
COMPUTATION OF INCOME PER COMMON AND COMMON EQUIVALENT SHARES:
Three Months Ended Nine Months Ended
March 31, March 31,
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1997 1996 1997 1996
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Income before extraordinary items $16,176,744 $16,353,812 $27,616,819 $39,461,920
Extraordinary items, net of tax benefit -- -- (583,312) --
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Net income $16,176,744 $16,353,812 $27,033,507 $39,461,920
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PRIMARY:
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Weighted average common shares outstanding 21,509,884 22,234,338 21,600,054 21,713,374
Add shares applicable to stock options
using average market price 337,469 318,019 319,650 339,351
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Total average common and common equivalent
shares outstanding 21,847,353 22,552,357 21,919,704 22,052,725
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Income before extraordinary items $ .74 $ .73 $ 1.26 $ 1.79
Extraordinary items, net of tax benefit -- -- (.03) --
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Met income per common and common equivalent share $ .74 $ .73 $ 1.23 $ 1.79
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FULLY DILUTED (1):
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Weighted average common shares outstanding 21,509,884 22,234,338 21,600,054 21,713,374
Add shares applicable to stock options
using the period-end market price
if higher than average market price
and other dilutive factors 337,469 322,815 334,877 349,632
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Total average common and common equivalent
shares outstanding assuming full dilution 21,847,353 22,557,153 21,934,931 22,063,006
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Income before extraordinary items $ .74 $ .72 $ 1.26 $ 1.79
Extraordinary items, net of tax benefit -- -- (.03) --
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Net income per common share assuming full dilution $ .74 .72 $ 1.23 $ 1.79
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ALL PER SHARE DATA RESTATED TO REFLECT THE THREE-FOR-TWO STOCK SPLIT EFFECTIVE
JANUARY 14, 1997.
(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 3.0%.
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