Exhibit 11
Statement Re: Computation of Earnings Per Share
UNITED BANKSHARES, INC. AND SUBSIDIARIES
For the Quarter Ended For the Nine Months Ended
September 30 September 30
--------------------- ------------------------
1994 1993 1994 1993
------ ------ ------ -----
PRIMARY:
Average Number of Common Shares 11,921,187 11,920,069 11,930,811 11,921,799
Average Number of Common Share
Equivalents 77,074 77,096 80,851 61,563
---------- ---------- ----------- -----------
Average Shares and Share
Equivalents Outstanding 11,998,261 11,997,165 12,011,662 11,983,362
========== ========== =========== ===========
Income Before Cumulative Effect of
Accounting Change $6,442,000 $5,766,000 $18,746,000 $15,247,000
Cumulative Effect of Accounting Change 1,329,000
---------- ---------- ----------- -----------
Net Income 6,442,000 5,766,000 18,746,000 16,576,000
Preferred Dividends 0 0 0 0
---------- ---------- ----------- -----------
Available to Common Shares $6,442,000 $5,766,000 $18,746,000 $16,576,000
========== ========== =========== ===========
Earnings Per Common Share:
Income Before Cumulative Effect of
Accounting Change $0.54 $0.48 $1.57 $1.28
Cumulative Effect of Accounting Change 0.11
---------- ---------- ----------- -----------
Net Income $0.54 $0.48 $1.57 $1.39
========== ========== =========== ===========
FULLY DILUTED:
Average Number of Common Shares 11,921,187 11,920,069 11,930,811 11,921,799
Average Number of Common Share
Equivalents 77,074 80,871 80,851 80,871
---------- ---------- ----------- -----------
Average Shares and Share
Equivalents Outstanding 11,998,261 12,000,940 12,011,662 12,002,670
========== ========== =========== ===========
Income Before Cumulative Effect of
Accounting Change $6,442,000 $5,766,000 $18,746,000 $15,247,000
Cumulative Effect of Accounting Change 1,329,000
---------- ---------- ----------- -----------
Net Income 6,442,000 5,766,000 18,746,000 16,576,000
Preferred Dividends 0 0 0 0
---------- ---------- ----------- -----------
Available to Common Shares $6,442,000 $5,766,000 $18,746,000 $16,576,000
========== ========== =========== ===========
Earnings Per Common Share:
Income Before Cumulative Effect of
Accounting Change $0.54 $0.48 $1.57 $1.28
Cumulative Effect of Accounting Change 0.11
---------- ---------- ----------- -----------
Net Income $0.54 $0.48 $1.57 $1.39
========== ========== =========== ===========