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Exhibit (11) - Statement re: Computation of Net Income Per Common Share
COMPUTATION OF NET INCOME PER COMMON SHARE
Comerica Incorporated and Subsidiaries
Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except per share data) 2004 2003 2004 2003
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Basic:
Net income applicable to common stock $ 192 $ 170 $ 354 $ 346
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Average common shares outstanding 172 175 173 175
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Basic net income per common share $1.11 $0.98 $2.04 $1.98
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Diluted:
Net income applicable to common stock $ 192 $ 170 $ 354 $ 346
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Average common shares outstanding 172 175 173 175
Nonvested stock 1 - 1 -
Common stock equivalent:
Net effect of the assumed exercise of stock options 1 1 1 1
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Diluted average common shares 174 176 175 176
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Diluted net income per common share $1.10 $0.97 $2.02 $1.97
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Options to purchase an average 6.7 million and 9.2 million shares of
common stock at exercise prices ranging from $53.97 - $71.58 and $44.91 - $71.58
were outstanding during the three months ended June 30, 2004 and 2003,
respectively, and options to purchase an average 6.7 million and 9.3 million
shares of common stock at exercise prices ranging from $54.95 - $71.58 and
$43.63 - $71.58 were outstanding during the six months ended June 30, 2004 and
2003, respectively, but were not included in the computation of diluted net
income per common share because the options' exercise prices were greater than
the average market price of common shares for the period.