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Exhibit (11) - Statement Re: Computation of Earnings Per Share
COMPUTATION OF EARNINGS PER SHARE
Comerica Incorporated and Subsidiaries
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
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1999 1998 1999 1998
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Basic:
Average shares outstanding 156,154 155,278 156,033 155,990
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Net income $170,414 $154,490 $496,908 $449,256
Less preferred stock dividends 4,275 4,275 12,825 12,825
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Net income applicable to common
stock $166,139 $150,215 $484,083 $436,431
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Basic net income per share $ 1.06 $ 0.97 $ 3,10 $ 2.80
Diluted:
Average shares outstanding 156,154 155,278 156,033 155,990
Nonvested stock 164 177 169 192
Common stock equivalent:
Net effect of the assumed
exercise of stock options 1,993 2,635 2,215 2,770
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Diluted average shares 158,311 158,090 158,417 158,952
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Net income $170,414 $154,490 $496,908 $449,256
Less preferred stock dividends 4,275 4,275 12,825 12,825
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Net income applicable to common
stock $166,139 $150,215 $484,083 $436,431
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Diluted net income per share $ 1.05 $ 0.95 $ 3.06 $ 2.75