1
Michigan National Corporation and Subsidiaries
PART 1 EXHIBIT
EXHIBIT (11) COMPUTATION OF EARNINGS PER COMMON SHARE (UNAUDITED)
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THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
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1995 1994 1995 1994
(1) (2) (1) (2)
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(in thousands, except per share)
PRIMARY
Net Income $39,626 $63,294 65,306 $81,578
If-converted-method adjustment (1) $181 N/A 418 N/A
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39,807 63,294 65,724 81,578
Average common shares outstanding 13,647 15,233 13,446 15,211
Common stock equivalents (2) 386 351 597 263
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AVERAGE PRIMARY SHARES OUTSTANDING 14,033 15,584 14,043 15,474
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PRIMARY EARNINGS PER SHARE $2.84 $4.06 $4.68 $5.27
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FULLY DILUTED
Net Income $39,626 $63,294 $65,306 $81,578
If-converted-method adjustment (1) $181 N/A $418 N/A
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39,807 63,294 65,724 81,578
Average common shares outstanding 13,647 15,233 13,446 15,211
Common stock equivalents (2) 387 383 607 383
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AVERAGE FULLY DILUTED SHARES OUTSTANDING 14,034 15,616 14,053 15,594
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FULLY DILUTED EARNINGS PER SHARE $2.84 $4.05 $4.68 $5.23
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(1) The "If-converted-method" was used in calculating common stock equivalents
for the three and six months ended June 30, 1995. Pursuant to the
"If-converted-method" of calculating EPS, net income as reported in the
Consolidated Statement of Income was adjusted to exclude interest expense
relating to the Equity Contracts which are considered common stock
equivalents.
(2) The "treasury stock method" was employed in calculating the common stock
equivalents for the three and six months ended June 30, 1994. Under the
"treasury stock method", the common stock equivalents are generally lower
than under the "if-converted method".
N/A-Not applicable