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EXHIBIT 11.1
The Chase Manhattan Corporation
and Subsidiaries
Computation of Earnings Per Common Share
For a discussion of the computation of primary and fully-diluted earnings per
common share, see Note One of the Notes to Consolidated Financial Statements on
page 70.
Year Ended December 31, (in millions, except per share amounts) 1996 1995 1994
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Earnings Per Share
Primary
Earnings:
Income Before Effect of Accounting Change $ 2,461 $ 2,970 $ 2,486
Net Effect of Change in Accounting Principle -- (11)(a) --
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Net Income $ 2,461 $ 2,959 $ 2,486
Less: Preferred Stock Dividends 219 227 265
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Net Income Applicable to Common Stock $ 2,242 $ 2,732 $ 2,221
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Shares:
Average Common and Common Equivalent Shares Outstanding 446.4 440.8 442.2
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Primary Earnings Per Share:
Income Before Effect of Accounting Change $ 5.02 $ 6.23 $ 5.02
Net Effect of Change in Accounting Principle -- (0.03)(a) --
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Net Income $ 5.02 $ 6.20 $ 5.02
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Assuming Full Dilution
Earnings:
Net Income Applicable to Common Stock $ 2,242 $ 2,732 $ 2,221
Add: Applicable Dividend on Convertible Preferred Stock -- 7 20
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Adjusted Net Income $ 2,242 $ 2,739 $ 2,241
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Shares:
Average Common and Common Equivalent Shares Outstanding 446.4 440.8 442.2
Additional Shares Issuable Upon Exercise of Stock Options for
Dilutive Effect and Conversion of Preferred Stock(b) 7.0 12.7 8.7
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Adjusted Shares of Common and Common Equivalent Shares Outstanding 453.4 453.5 450.9
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Earnings Per Share Assuming Full Dilution:
Income Before Effect of Accounting Change $ 4.94 $ 6.07 $ 4.97
Net Effect of Change in Accounting Principle -- (0.03)(a) --
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Net Income $ 4.94 $ 6.04 $ 4.97
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(a) On January 1, 1995, the Corporation adopted SFAS 106 for the accounting for
other postretirement benefits relating to its foreign plans.
(b) During the second quarter of 1995, the Corporation called all of the
outstanding shares of its 10% convertible preferred stock for redemption.
Substantially all of the 10% convertible preferred stock was converted, at the
option of the holders thereof, to common stock. The common stock was issued from
treasury.