Exhibit 11
Statement Re: Computation of Earnings Per Share
UNITED BANKSHARES, INC. AND SUBSIDIARIES
For the Quarter Ended For the Six Months Ended
June 30 June 30
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1994 1993 1994 1993
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PRIMARY:
Average Number of Common Shares 11,941,533 11,921,598 11,935,703 11,922,800
Average Number of Common Share Equivalents 90,497 68,716 91,262 67,081
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Average Shares and Share Equivalents Outstanding 12,032,030 11,990,314 12,026,965 11,989,881
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Income Before Cumulative Effect of
Accounting Change $6,210,000 $5,583,000 $12,304,000 $ 9,481,000
Cumulative Effect of Accounting Change 1,329,000
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Net Income 6,210,000 5,583,000 12,304,000 10,810,000
Preferred Dividends
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Available to Common Shares $6,210,000 $5,583,000 $12,304,000 $10,810,000
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Earnings Per Common Share:
Income Before Cumulative Effect of
Accounting Change $0.52 $0.47 $1.03 $0.80
Cumulative Effect of Accounting Change 0.11
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Net Income $0.52 $0.47 $1.03 $0.91
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FULLY DILUTED:
Average Number of Common Shares 11,941,533 11,921,598 11,935,703 11,922,800
Average Number of Common Share Equivalents 90,497 75,370 91,262 75,370
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Average Shares and Share Equivalents Outstanding 12,032,030 11,996,968 12,026,965 11,998,170
========== ========== =========== ===========
Income Before Cumulative Effect of
Accounting Change $6,210,000 $5,583,000 $12,304,000 $ 9,481,000
Cumulative Effect of Accounting Change 1,329,000
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Net Income 6,210,000 5,583,000 12,304,000 10,810,000
Preferred Dividends
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Available to Common Shares $6,210,000 $5,583,000 $12,304,000 $10,810,000
========== ========== =========== ===========
Earnings Per Common Share:
Income Before Cumulative Effect of
Accounting Change $0.52 $0.47 $1.03 $0.80
Cumulative Effect of Accounting Change 0.11
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Net Income $0.52 $0.47 $1.03 $0.91
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