Exhibit 11.1

METROPOLITAN FINANCIAL CORPORATION: COMPUTATION OF PER SHARE EARNINGS
(Unaudited)


 
 
                                                            Three Months Ended          Nine Months Ended
                                                       -------------------------------------------------------
                                                              September 30,               September 30,

(Amounts in thousands, except per share data)              1994           1993         1994           1993
- --------------------------------------------------------------------------------------------------------------
                                                                                          
PRIMARY:                                                    
  Average number of common shares outstanding           31,324            31,056       31,159         30,154
  Net effect of dilutive stock options/warrants--          
    based on the treasury stock method                    
    using average market price                           1,390             1,152        1,156          1,454
- --------------------------------------------------------------------------------------------------------------
                                                        32,714            32,208       32,315         31,608
- --------------------------------------------------------------------------------------------------------------
 
Net Income                                              $4,418           $16,883      $31,043        $47,324
Dividends on preferred stock                              (351)             (351)      (1,054)        (1,054)
- --------------------------------------------------------------------------------------------------------------
  NET INCOME APPLICABLE TO COMMON STOCK                 $4,067           $16,532      $29,989        $46,270
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
  NET INCOME PER SHARE                                   $0.12             $0.51        $0.93          $1.46
==============================================================================================================
                                                            
FULLY DILUTED:                                              

  Average number of common shares outstanding           31,324            31,056       31,159         30,154
  Net effect of dilutive stock options/warrants--          
    based on the treasury stock method using closing      
    market price if higher than average market price     1,420             1,409        1,525          1,542
- --------------------------------------------------------------------------------------------------------------
                                                        32,744            32,465       32,684         31,696
- --------------------------------------------------------------------------------------------------------------

Net income                                              $4,418           $16,883      $31,043        $47,324
Dividends on nonconvertible preferred stock               (351)             (351)      (1,054)        (1,054)
- --------------------------------------------------------------------------------------------------------------
  NET INCOME APPLICABLE TO COMMON STOCK                 $4,067           $16,532      $29,989        $46,270
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
  NET INCOME PER SHARE                                   $0.12             $0.51        $0.92          $1.46
==============================================================================================================