EXHIBIT 11
COMMERCIAL FEDERAL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
COMPUTATION OF INCOME PER COMMON AND COMMON EQUIVALENT SHARES:
Three Months Ended Six Months Ended
December 31, December 31,
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1995 1994 1995 1994
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Net income.......................................... $11,863,631 $ 2,181,230 $23,108,108 $ 3,448,893
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PRIMARY:
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Weighted average common shares outstanding.......... 14,314,392 14,150,001 14,301,929 14,153,774
Add shares applicable to stock options
using average market price......................... 224,456 229,374 233,114 242,147
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Total average common and common equivalent
shares outstanding................................. 14,538,848 14,379,375 14,535,043 14,395,921
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Net income per common and common equivalent share... $ .82 $ .15 $ 1.59 $ .24
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FULLY DILUTED (1):
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Weighted average common shares outstanding.......... 14,314,392 14,150,001 14,301,929 14,153,774
Add shares applicable to stock options
using the period-end market price
if higher than average market price
and other dilutive factors......................... 230,878 229,374 241,813 242,147
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Total average common and common equivalent
shares outstanding assuming full dilution.......... 14,545,270 14,379,375 14,543,742 14,395,921
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Net income per common share assuming full dilution.. $ .82 $ .15 $ 1.59 $ .24
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(1) This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.