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EXHIBIT 11.1
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FIRST BANKS, INC.
Calculation of Earnings per Share
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, YEAR ENDED DECEMBER 31,
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1996 1995 1995 1994 1993 1992 1991
Average shares outstanding:
Class C preferred stock 2,199,672 2,200,000 2,200,000 2,200,000 2,200,000 643,169 0
Class A preferred stock 641,082 641,082 641,082 641,082 672,589 741,082 741,082
Class B preferred stock 160,505 160,505 160,505 160,505 160,505 160,505 160,505
Common Stock 23,661 23,661 23,661 23,661 23,498 23,144 23,144
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Net income 11,438,682 19,594,539 24,471,000 24,032,480 23,194,344 19,016,044 16,708,099
Preferred stock dividends:
Class C preferred stock<F*> (3,712,501) (3,712,501) (4,950,000) (4,950,000) (4,950,000) (1,457,500) --
Class A preferred stock (512,866) (512,866) (769,000) (768,298) (799,299) (889,298) (889,298)
Class B preferred stock (11,235) (11,235) (16,853) (16,853) (16,853) (16,853) (17,178)
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Income available to common
stockholders 7,202,080 15,357,937 18,735,147 18,297,329 17,428,192 16,652,393 15,801,623
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PRIMARY EARNINGS PER SHARE 304.39 649.08 791.82 773.31 741.69 719.51 682.75
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Fully diluted earnings per share:
Dividends per share:
Class C preferred stock 1.6878 1.6875 2.2500 2.2500 2.2500 0.6625 0.0000
Class A preferred stock 0.8000 0.8000 1.1995 1.1984 1.1884 1.2000 1.2000
Class B preferred stock 0.0700 0.0700 0.1050 0.1050 0.1050 0.1050 0.1070
Class A preferred stock outstanding 641,082 641,082 641,082 641,082 641,082 741,082 741,082
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Book value/share of common stock,
beginning of year 7,038.7385 6,307.8434 6,307.8434 5,654.0721 4,680.7741 4,146.6471 3,463.8783
Dilution of common equity upon
exercise of options and warrants
of subsidiary bank (24.8765) (39.4200) (46.1530) (44.6700) -- -- --
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7,013.8620 6,286.4234 6,261.6904 5,609.4021 4,680.7741 4,146.6471 3,463.8738
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Common stock issuable upon conversion 1,828 2,045 2,048 2,286 2,739 3,574 4,279
Shares of common stock outstanding 23,661 23,661 23,661 23,661 23,661 23,144 23,144
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25,489 25,706 25,709 25,947 26,400 26,718 27,423
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Net income 11,438,682 19,594,539 24,471,000 24,032,480 23,194,344 19,016,044 16,708,099
Class C preferred dividends<F*> (3,712,501) (3,712,501) (4,950,000) (4,950,000) (4,950,000) (1,457,500) --
Class B preferred dividends (11,235) (11,235) (16,853) (16,853) (16,853) (16,853) (17,178)
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Fully-diluted net income 7,714,946 15,870,803 19,504,147 19,065,627 18,227,491 17,541,691 16,690,921
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FULLY-DILUTED EARNINGS PER SHARE 302.68 617.39 758.66 734.80 690.43 656.54 608.65
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<FN>
<F*>Includes Accumulated dividends of 412,500 for 1992