COMMERCIAL FEDERAL CORPORATION Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
COMPUTATION OF INCOME PER COMMON AND COMMON EQUIVALENT SHARES:
- -----------------------------------------------------------------------------------------------
Three Months Ended
September 30,
----------------------------------
1997 1996
- -----------------------------------------------------------------------------------------------
Net income (loss) $ 17,108,299 $ (4,049,927)
============= =============
- -----------------------------------------------------------------------------------------------
PRIMARY:
- --------
Weighted average common shares outstanding 21,571,349 21,821,275
Add shares applicable to stock options using average
market price 389,605 292,554
------------- -------------
Total average common and common equivalent
shares outstanding 21,960,954 22,113,829
============= =============
Net income (loss) per common and common equivalent share $ .78 $ (.18)
============= =============
- -----------------------------------------------------------------------------------------------
FULLY DILUTED (1):
- ------------------
Weighted average common shares outstanding 21,571,349 21,821,275
Add shares applicable to stock options using the
period-end market price if higher than average
market price and other dilutive factors 427,276 321,942
------------- -------------
Total average common and common equivalent
shares outstanding assuming full dilution 21,998,625 22,143,217
============= =============
Net income (loss) per common share assuming full dilution $ .78 $ (.18)
============= =============
- -----------------------------------------------------------------------------------------------
(1) This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although not required by footnote 2 paragraph 14 of APB Opinion
No. 15 because it results in dilution of less than 3.0%.