EXHIBIT 11.
NORWEST CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
YEAR ENDED DECEMBER 31
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1994 1993 1992 1991 1990
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IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
PRIMARY:
Weighted average number of
common shares outstanding...... 312,971 304,871 300,902 295,168 279,967
Net effect of assumed exercise
of stock options based on
treasury stock method using
average market price........... 2,121 2,855 2,525 2,147 1,129
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315,092 307,726 303,427 297,315 281,096
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Income before cumulative effect
of a change in accounting for
postretirement medical
benefits....................... $800,415 613,096 469,914 418,282 169,331
Less dividends accrued on
preferred stock................ (27,915) (31,170) (32,219) (21,409) (3,225)
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Income before cumulative effect
of a change in accounting for
postretirement medical
benefits, as adjusted.......... 772,500 581,926 437,695 396,873 166,106
Cumulative effect of a change in
accounting for postretirement
medical benefits............... -- -- (75,974) -- --
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Net income, as adjusted......... $772,500 581,926 361,721 396,873 166,106
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Income per share before
cumulative effect of a change
in accounting for
postretirement medical
benefits....................... $ 2.45 1.89 1.44 1.33 0.59
Net income per share............ $ 2.45 1.89 1.19 1.33 0.59
FULLY DILUTED:
Weighted average number of
common shares outstanding...... 312,971 304,871 300,902 295,168 279,967
Net effect of assumed exercise
of stock options based on
treasury stock method using
average market price or period-
end market price, whichever is
higher......................... 2,154 2,843 3,389 3,145 1,313
Assumed conversion of 6 3/4%
convertible subordinated
debentures due 2003 and 12%
convertible notes due 1993 as
of the beginning of the period. 47 73 1,206 1,722 2,032
Assumed conversion of preferred
stock.......................... 12,626 16,036 16,926 6,717 --
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327,798 323,823 322,423 306,752 283,312
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Income before cumulative effect
of a change in accounting for
postretirement medical
benefits....................... $800,415 613,096 469,914 418,282 169,331
Less dividends accrued on
preferred stock................ (11,903) (12,182) (12,472) (13,494) (3,225)
Add interest and amortization of
debt expense, net of income tax
effect, for 6 3/4% convertible
subordinated debentures due
2003 and 12% convertible notes
due 1993....................... 10 16 699 869 938
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Income before cumulative effect
of a change in accounting for
postretirement medical
benefits, as adjusted.......... 788,522 600,930 458,141 405,657 167,044
Cumulative effect of a change in
accounting for postretirement
medical benefits............... -- -- (75,974) -- --
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Net income, as adjusted......... $788,522 600,930 382,167 405,657 167,044
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Income per share before
cumulative effect of a change
in accounting for
postretirement medical
benefits....................... $ 2.41 1.86 1.42 1.32 0.59
Net income per share............ $ 2.41 1.86 1.19 1.32 0.59