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EXHIBIT 11
CHEMICAL BANKING CORPORATION and Subsidiaries
COMPUTATION OF NET INCOME PER COMMON SHARE
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Net income per common share is computed by dividing net income
after deducting dividends on preferred stock, by the weighted
average number of common shares and common share equivalents
outstanding during the period. Other common share equivalents such
as stock options are not required to be included in the calculation
since the applicable dilution tests are not met.
Net income per common share:
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(In millions, except per share data)
Net income
Three Months Average common applicable to Net income
Ended June 30 shares outstanding common shares(A) per share
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Three months 1994 253.1 $324 $1.28
1993 251.7 $341 $1.35
Six months 1994 253.1 $611 $2.41
1993 250.1 $676 $2.70(B)
[FN]
(A) After dividends on the preferred stock of $33 million and
$40 million for the three months ended June 30, 1994 and
1993, respectively, and of $65 million and $79 million for
the six months ended June 30, 1994 and 1993, respectively.
(B) On January 1, 1993, the Corporation adopted SFAS 106 which
resulted in a charge of $415 million or $1.67 per common
share relating to postretirement benefits and also adopted
SFAS 109 which resulted in an income tax benefit of $450
million or $1.81 per common share. Net income before the
effect of accounting changes was $2.56 per common share.
The changes in accounting principles increased net income
per common share by $0.14.
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