EXHIBIT 11
WINTRUST FINANCIAL CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(in thousands, except per share data)
NINE MONTHS ENDED SEPTEMBER 30, THREE MONTHS ENDED SEPTEMBER 30,
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1997 1996 1997 1996
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Net income (loss) (A) $3,166 $(1,521) $1,311 $301
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Average common shares outstanding 7,631 5,992 8,059 6,212
Average common share equivalents (1) 486 - 528 634
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Weighted average common shares and
common share equivalents (B) 8,117 5,992 8,587 6,846
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Net income (loss) per average
common share (A/B) $ 0.39 $ (0.25) $ 0.15 $ 0.04
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<FN>
(1) Common share equivalents result from stock options, stock rights and stock
warrants being treated as if they had been exercised and are computed by
application of the treasury stock method. No common share equivalents were
assumed to be outstanding for the nine-month period ended September 30, 1996,
because accounting standards require that the computation of earnings per share
shall not give effect to common stock equivalents for any period in which their
inclusion would have the effect decreasing the loss per share amount otherwise
computed.
</FN>