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EXHIBIT 11
REPUBLIC NEW YORK CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
YEAR ENDED DECEMBER 31,
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1998 1997 1996 1995 1994
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(IN THOUSANDS EXCEPT PER SHARE DATA)
Basic earnings:
Net income $248,047 $449,108 $418,840 $288,649 $340,008
Less preferred stock dividends (26,302) (24,191) (31,518) (36,467) (34,410)
Less dividends on restricted stock plan shares (3,304) (3,369) (2,815) (2,485) (2,290)
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Net income applicable to common stock - basic $218,441 $421,548 $384,507 $249,697 $303,308
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Average common shares outstanding - excluding restricted stock plan shares 104,328 105,625 107,481 104,641 102,001
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Basic earnings per common share $ 2.09 $ 3.99 $ 3.58 $ 2.39 $ 2.97
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Diluted earnings:
Net income applicable to common stock- basic $218,441 $421,548 $384,507 $249,697 $303,308
Dividend adjustment on restricted stock plan
shares to reflect shares assumed issued 1,807 1,733 1,520 1,147 902
Dividends applicable to convertible preferred stock -- -- -- 5,920 11,643
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Net income applicable to common stock - diluted $220,248 $423,281 $386,027 $256,764 $315,853
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Shares:
Average common shares outstanding - excluding restricted stock plan shares 104,328 105,625 107,481 104,641 102,001
Net shares assumed issued under compensation stock plans 1,834 1,726 1,572 1,593 1,366
Shares assumed issued on exercise of stock options 74 110 136 322 458
Shares assumed issued on conversion of preferred stock -- -- -- 3,956 7,138
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Average common shares outstanding 106,236 107,461 109,189 110,512 110,963
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Diluted earnings per common share $ 2.07 $ 3.94 $ 3.54 $ 2.32 $ 2.85
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Amounts have been adjusted to reflect the two-for-one stock split distributed in
June, 1998.