EXHIBIT NUMBER (11)
TO 3/31/94 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
First Quarter Ended March 31
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1994 1993
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Computations Required by
- - ------------------------
Regulation S-K
- - --------------
Primary Earnings Per Share
- - --------------------------
Net Income Applicable to
Common Shares $43,763,865 $38,652,801
=========== ===========
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding:
Common Shares 53,323,765 52,870,199
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 994,098 1,243,428
Long Term Performance Stock Plan 357,989 365,357
Other 5,797 973
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54,681,649 54,479,957
=========== ===========
Net Income Per Common and
Common Equivalent Share $0.80 $0.71
=========== ===========
(A) Determined by application of the treasury stock method.
EXHIBIT NUMBER (11)
TO 3/31/94 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(Continued)
First Quarter Ended March 31
----------------------------
1994 1993
----------- -----------
Computations Required by
- - ------------------------
Regulation S-K
- - --------------
Fully Diluted Earnings Per Share
- - --------------------------------
Net Income Applicable to
Common Shares $43,763,865 $38,652,801
Add Back: Dividend on Series E
Convertible Preferred Stock 777,051 764,079
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$44,540,916 $39,416,880
=========== ===========
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding:
Common Shares 53,323,765 52,870,199
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 1,004,670 1,419,596
Long Term Performance
Stock Plan 359,572 397,855
Other 6,175 1,477
Other Potentially Dilutive
Securities
Equivalent Shares Assuming
Conversion of Series E
Convertible Preferred Stock 1,204,820 1,204,820
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55,899,002 55,893,947
=========== ===========
Net Income Per Common and
Common Equivalent Share $0.80 $0.71
=========== ===========
(A) Determined by application of the treasury stock method.