EXHIBIT NUMBER (11)
TO 6/30/94 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Second Quarter Ended June 30 Six Months Ended June 30
----------------------------- --------------------------
1994 1993 1994 1993
-------------- ------------- ------------ -----------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Primary Earnings Per Share
- --------------------------
Net Income Applicable to
Common Shares $46,968,577 $40,031,235 $90,732,442 $78,684,036
=========== =========== =========== ===========
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding
Common Shares 53,878,250 52,987,990 53,602,539 52,929,420
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 979,076 1,275,662 986,587 1,259,545
Long Term Performance
Stock Plan 393,575 395,763 375,782 380,560
Other 10,156 1,455 7,978 1,214
----------- ----------- ----------- -----------
55,261,057 54,660,870 54,972,886 54,570,739
=========== =========== =========== ===========
Net Income Per Common and
Common Equivalent Share $0.85 $0.73 $1.65 $1.44
=========== =========== =========== ===========
(A) Determined by application of the treasury stock method.
22
EXHIBIT NUMBER (11)
TO 6/30/94 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Second Quarter Ended June 30 Six Months Ended June 30
---------------------------- ------------------------
1994 1993 1994 1993
----------- ----------- ----------- -----------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Fully Diluted Earnings Per Share
- --------------------------------
Net Income Applicable to
Common Shares $46,968,577 $40,031,235 $90,732,442 $78,684,036
Add Back: Dividend on Series E
Convertible Preferred Stock 768,277 794,129 1,545,328 1,558,208
----------- ----------- ----------- -----------
$47,736,854 $40,825,364 $92,277,770 $80,242,244
=========== =========== =========== ===========
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding
Common Shares 53,878,250 52,987,990 53,602,539 52,929,420
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 979,907 1,275,662 1,009,134 1,347,629
Long Term Performance
Stock Plan 393,575 395,763 376,574 396,809
Other 10,156 1,622 8,167 1,549
Other Potentially Dilutive Securities
Equivalent Shares Assuming
Conversion of Series E
Convertible Preferred Stock 1,204,820 1,204,820 1,204,820 1,204,820
------------ ----------- ----------- -----------
56,466,708 55,865,857 56,201,234 55,880,227
============ =========== =========== ===========
Net Income Per Common and
Common Equivalent Share $0.85 $0.73 $1.64 $1.44
=========== =========== =========== ===========
(A) Determined by application of the treasury stock method.
23