EXHIBIT NUMBER (11)
TO 9/30/94 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Third Quarter Ended September 30 Nine Months Ended September 30
-------------------------------------- ---------------------------------
1994 1993 1994 1993
---------------- ---------------- -------------- --------------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Primary Earnings Per Share
- ---------------------------
Net Income Applicable to
Common Shares $46,138,483 $41,172,564 $136,870,925 $119,856,600
=========== =========== ============ ============
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 54,107,073 53,071,671 53,772,565 52,977,358
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 803,157 1,118,061 925,444 1,212,384
Long Term Performance Stock Plan 413,744 383,768 388,436 381,629
Other 10,816 1,605 8,923 1,344
----------- ----------- ------------ ------------
55,334,790 54,575,105 55,095,368 54,572,715
=========== =========== ============ ============
Net Income Per Common and
Common Equivalent Share $0.83 $0.75 $2.48 $2.20
=========== =========== ============ ============
(A) Determined by application of the treasury stock method.
EXHIBIT NUMBER (11)
TO 9/30/94 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Third Quarter Ended September 30 Nine Months Ended September 30
-------------------------------- ----------------------------------
1994 1993 1994 1993
----------- ----------- ------------ ------------
Computations Required By
- ------------------------
Regulation S-K
- --------------
Fully Diluted Earnings Per Share
- --------------------------------
Net Income Applicable to
Common Shares $46,138,483 $41,172,564 $136,870,925 $119,856,600
Add Back: Dividend on Series E Convertible
Preferred Stock 798,422 789,741 2,343,750 2,347,949
----------- ----------- ------------ ------------
$46,936,905 $41,962,305 $139,214,675 $122,204,549
=========== =========== ============ ============
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 54,107,073 53,071,671 53,772,565 52,977,358
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 803,157 1,123,915 929,245 1,273,057
Long Term Performance Stock Plan 413,744 384,493 388,964 392,704
Other 10,816 1,790 9,049 1,630
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
----------- ----------- ------------ ------------
56,539,610 55,786,689 56,304,643 55,849,569
=========== =========== ============ ============
Net Income Per Common and
Common Equivalent Share $0.83 $0.75 $2.47 $2.19
=========== =========== ============ ============
(A) Determined by application of the treasury stock method.