EXHIBIT NUMBER (11)
To 1996 Form 10-K
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
For the Year Ended December 31,
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1996 1995 1994
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Computations Required by
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Regulation S-K
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Primary Earnings Per Share
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Net Income Applicable to
Common Shares $253,880,107 $211,461,135 $174,917,377
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Weighted Average Number of
Common and Common Equivalent
Shares Outstanding
Common Shares 111,933,829 110,737,342 107,733,026
Diluted Effect of
Common Equivalent Shares (A)
Stock Options 1,968,038 1,218,508 1,727,012
Long Term Performance Stock Plan 611,072 690,502 811,252
Other 135,251 29,482 17,138
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114,648,190 112,675,834 110,288,428
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Net Income Per Common and
Common Equivalent Share $2.21 $1.88 $1.59
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(A) Determined by application of the treasury stock method.
NORTHERN TRUST CORPORATION
COMPUTATION OF PER SHARE EARNINGS
For the Year Ended December 31,
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1996 1995 1994
-------------- -------------- --------------
Computations Required by
- ------------------------
Regulation S-K
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Fully Diluted Earnings Per Share
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Net Income Applicable to
Common Shares $253,880,107 $211,461,135 $174,917,377
Add Back: Dividend on Series E
Convertible Preferred Stock 14,756 3,125,000 3,125,000
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$253,894,863 $214,586,135 $178,042,377
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Weighted Average Number of
Common and Common Equivalent
Shares Outstanding
Common Shares 111,933,829 110,737,342 107,733,026
Diluted Effect of Common
Equivalent Shares (A)
Stock Options 2,549,307 2,219,066 1,732,712
Long Term Performance Stock Plan 642,766 731,270 812,044
Other 149,671 40,248 17,328
Other Potentially Dilutive Securities
Equivalent Shares Assuming Conversion
of Series E Convertible Preferred Stock 190,928 2,409,640 2,409,640
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115,466,501 116,137,566 112,704,750
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Net Income Per Common and
Common Equivalent Share $2.20 $1.85 $ 1.58
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(A) Determined by application of the treasury stock method.