EXHIBIT NUMBER (11)
TO 3/31/95 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
First Quarter Ended March 31
----------------------------
1995 1994
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Computations Required by
- ---------------------------
Regulation S-K
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Primary Earnings Per Share
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Net Income Applicable to
Common Shares $47,181,699 $43,763,865
=========== ===========
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 54,250,684 53,323,765
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 586,299 994,098
Long Term Performance Stock Plan 323,123 357,989
Other 8,213 5,797
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55,168,319 54,681,649
=========== ===========
Net Income Per Common and
Common Equivalent Share $0.86 $0.80
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(A) Determined by application of the treasury stock method.
EXHIBIT NUMBER (11)
TO 3/31/95 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
First Quarter Ended March 31
---------------------------------
1995 1994
----------- -----------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Fully Diluted Earnings Per Share
- --------------------------------
Net Income Applicable to
Common Shares $47,181,699 $43,763,865
Add Back: Dividend on Series E Convertible
Preferred Stock 777,147 777,051
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$47,958,846 $44,540,916
=========== ===========
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 54,250,684 53,323,765
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 604,437 1,004,670
Long Term Performance Stock Plan 326,028 359,572
Other 8,846 6,175
Other Potentially Dilutive Securities
Equivalent Shares Assuming Conversion of
Series E Convertible Preferred Stock 1,204,820 1,204,820
----------- -----------
56,394,815 55,899,002
=========== ===========
Net Income Per Common and
Common Equivalent Share $ 0.85 $ 0.80
=========== ===========
(A) Determined by application of the treasury stock method.