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EXHIBIT 11
J.P. MORGAN CHASE & CO.
COMPUTATION OF EARNINGS PER COMMON SHARE
For a discussion of the computation of basic and diluted earnings per common
share, see Note 17 of JPMorgan Chase's 2000 Annual Report.
(in millions, except per share amounts) THREE MONTHS ENDED
MARCH 31,
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2001 2000
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BASIC EARNINGS PER SHARE
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Earnings:
Net Income $ 1,199 $ 1,988
Less: Preferred Stock Dividends 21 25
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Net Income Applicable to Common Stock $ 1,178 $ 1,963
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Shares:
Basic Average Common Shares Outstanding 1,966.6 1,853.0
Net Income per Share (a) $ 0.60 $ 1.06
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DILUTED EARNINGS PER SHARE
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Earnings:
Net Income Applicable to Common Stock $ 1,178 $ 1,963
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Shares:
Basic Average Common Shares Outstanding 1,966.6 1,853.0
Additional Shares Issuable upon Exercise of Stock Options
for Dilutive Effect 65.6 92.1
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Average Common Shares Outstanding Assuming Dilution 2,032.2 1,945.1
Net Income per Share (a) $ 0.58 $ 1.01
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(a) Basic and diluted earnings per share have been reduced by $(0.01) in the
first quarter of 2001 due to the impact of the adoption of SFAS 133 relating
to the accounting for derivative instruments and hedging activities.
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