EXHIBIT NUMBER (11)
TO 9/30/96 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Third Quarter Ended September 30 Nine Months Ended September 30
-------------------------------- ------------------------------
1996 1995 1996 1995
----------- ----------- ------------ ------------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Primary Earnings Per Share
- --------------------------
Net Income Applicable to
Common Shares $65,225,457 $55,933,249 $187,669,908 $154,061,092
=========== =========== ============ ============
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 55,871,796 55,702,458 56,110,777 55,314,848
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 1,005,588 595,957 939,745 572,246
Long Term Performance Stock Plan 315,745 371,585 291,059 350,102
Other 75,461 16,283 58,958 12,332
----------- ----------- ------------ ------------
57,268,590 56,686,283 57,400,539 56,249,528
=========== =========== ============ ============
Net Income Per Common and
Common Equivalent Share $1.14 $0.99 $3.27 $2.74
========== ========== =========== ===========
(A) Determined by application of the treasury stock method.
EXHIBIT NUMBER (11)
TO 9/30/96 FORM 10-Q
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Third Quarter Ended September 30 Nine Months Ended September 30
-------------------------------- ------------------------------
1996 1995 1996 1995
------------- ------------- ------------- -------------
Computations Required by
- ------------------------
Regulation S-K
- --------------
Fully Diluted Earnings Per Share
- --------------------------------
Net Income Applicable to
Common Shares $65,225,457 $55,933,249 $187,669,908 $154,061,092
Add Back: Dividend on Series E Convertible
Preferred Stock 781,250 14,756 2,343,750
----------- ----------- ------------ ------------
$65,225,457 $56,714,499 $187,684,664 $156,404,842
=========== =========== ============ ============
Weighted Average Number of Common
and Common Equivalent Shares Outstanding
Common Shares 55,871,796 55,702,458 56,110,777 55,314,848
Dilutive Effect of Common
Equivalent Shares (A)
Stock Options 1,125,970 796,429 1,185,038 872,424
Long Term Performance Stock Plan 337,931 395,981 307,293 364,940
Other 85,450 19,104 66,409 14,155
Other Potentially Dilutive Securities
Equivalent Shares Assuming Conversion of
Series E Convertible Preferred Stock 1,204,820 127,517 1,204,820
----------- ----------- ------------ ------------
57,421,147 58,118,792 57,797,034 57,771,187
=========== =========== ============ ============
Net Income Per Common and
Common Equivalent Share $ 1.14 $ 0.98 $ 3.25 $ 2.71
=========== =========== ============ ============
(A) Determined by application of the treasury stock method.