EXHIBIT NUMBER (11)
TO 1993 FORM 10-K
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31,
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1993 1992 1991
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Computations Required by
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Regulation S-K
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Primary Earnings Per Share
- --------------------------
Net Income Applicable to
Common Shares $161,572,474 $142,730,771 $121,373,982
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Weighted Average Number of
Common and Common Equivalent
Shares Outstanding
Common Shares 53,019,436 52,199,933 51,336,338
Diluted Effect of Common
Equivalent Shares (A)
Stock Options 1,177,972 1,436,772 1,442,340
Long Term Performance
Stock Plan 391,025 395,224 333,277
Other 1,500 1,301 29
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54,589,933 54,033,230 53,111,984
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Net Income Per Common and
Common Equivalent Share $2.96 $2.64 $2.29
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(A) Determined by application of the treasury stock method.
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31,
----------------------------------------
1993 1992 1991
------------ ------------ ------------
Computations Required by
- --------------------------------------
Regulation S-K
- --------------------------------------
Fully Diluted Earnings Per Share
- --------------------------------------
Net Income Applicable to
Common Shares $161,572,474 $142,730,771 $121,373,982
Add Back: Dividend on Series E
Convertible Preferred Stock 3,129,199 2,764,710 -
------------ ------------ ------------
$164,701,673 $145,495,481 $121,373,982
============ ============ ============
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding
Common Shares 53,019,436 52,199,933 51,336,338
Diluted Effect of Common
Equivalent Shares (A)
Stock Options 1,223,468 1,538,697 1,699,712
Long Term Performance
Stock Plan 399,331 403,679 360,130
Other 1,754 1,580 35
Other Potentially Dilutive
Securities
Equivalent Shares Assuming
Conversion of Series E
Convertible Preferred Stock 1,204,820 1,066,562 -
------------ ------------ ------------
55,848,809 55,210,451 53,396,215
============ ============ ============
Net Income Per Common and
Common Equivalent Share $2.95 $2.64 $2.27
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(A) Determined by application of the treasury stock method.