EXHIBIT NUMBER (11)
TO 3/31/96 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
First Quarter Ended March 31
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1996 1995
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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 $60,245,569 $47,181,699
============ ============
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 56,258,183 54,250,684
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 924,273 586,299
Long Term Performance Stock Plan 263,698 323,123
Other 44,783 8,213
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57,490,937 55,168,319
============ ============
Net Income Per Common and
Common Equivalent Share $1.05 $0.86
============ ============
(A) Determined by application of the treasury stock method.
EXHIBIT NUMBER (11)
TO 3/31/96 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
First Quarter Ended March 31
------------------------------------------
1996 1995
------------ ------------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Fully Diluted Earnings Per Share
- --------------------------------
Net Income Applicable to
Common Shares $60,245,569 $47,181,699
Add Back: Dividend on Series E Convertible
Preferred Stock 14,756 777,147
------------ ------------
$60,260,325 $47,958,846
============ ============
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 56,258,183 54,250,684
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 962,193 604,437
Long Term Performance Stock Plan 270,220 326,028
Other 47,860 8,846
Other Potentially Dilutive Securities
Equivalent Shares Assuming Conversion of
Series E Convertible Preferred Stock 383,954 1,204,820
------------ ------------
57,922,410 56,394,815
============ ============
Net Income Per Common and
Common Equivalent Share $1.04 $0.85
============ ============
(A) Determined by application of the treasury stock method.