Exhibit 11.
NORWEST CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
In thousands, except per share amounts Year Ended December 31
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1996 1995 1994 1993 1992
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PRIMARY:
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Weighted average number of common shares
outstanding 365,918 329,182 312,971 304,871 300,902
Net effect of assumed exercise of stock options
based on treasury stock method using average
market price 3,792 2,497 2,121 2,855 2,525
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369,710 331,679 315,092 307,726 303,427
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Income before cumulative effect of a change in
accounting for postretirement medical benefits 1,153,929 955,973 800,415 613,096 469,914
Less dividends accrued on preferred stock (17,763) (39,908) (27,915) (31,170) (32,219)
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Income before cummulative effect of a change in
accounting for postretirement medical
benefits, as adjusted 1,136,166 916,065 772,500 581,926 437,695
Cumulative effect of a change in accounting
for postretirement medical benefits - - - - (75,974)
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Net income, as adjusted $1,136,166 916,065 772,500 581,926 361,721
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Income per share before cumulative effect
of a change in accounting for
postretirement medical benefits $ 3.07 2.76 2.45 1.89 1.44
Net income per share $ 3.07 2.76 2.45 1.89 1.19
FULLY DILUTED:
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Weighted average number of common shares
outstanding 365,918 329,182 312,971 304,871 300,902
Net effect of assumed exercise of stock options
based on treasury stock method using average
market price or period-end market price,
whichever is higher 4,735 3,532 2,154 2,843 3,389
Assumed conversion of 6-3/4% convertible
subordinated debentures due 2003 and 12%
convertible notes due 1993 as of the
beginning of the period 18 24 47 73 1,206
Assumed conversion of preferred stock - 8,380 12,626 16,036 16,926
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370,671 341,118 327,798 323,823 322,423
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Income before cumulative effect of a change
in accounting for postretirement
medical benefits 1,153,929 955,973 800,415 613,096 469,914
Less dividends accrued on preferred stock (17,763) (29,297) (11,903) (12,182) (12,472)
Add interest and amortization of debt expense,
net of income tax effect, for 6-3/4%
convertible subordinated debentures due 2003
and 12% convertible notes due 1993 4 5 10 16 699
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Income before cumulative effect of a change in
accounting for postretirement medical
benefits, as adjusted 1,136,170 926,681 788,522 600,930 458,141
Cumulative effect of a change in accounting for
postretirement medical benefits - - - - (75,974)
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Net income, as adjusted $1,136,170 926,681 788,522 600,930 382,167
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Income per share before cumulative effect
of a change in accounting for
postretirement medical benefits $ 3.07 2.73 2.41 1.86 1.42
Net income per share $ 3.07 2.73 2.41 1.86 1.19