1
Exhibit 11
CAPITAL ONE FINANCIAL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
FOR EACH OF THE THREE YEARS ENDED DECEMBER 31, 1996
(dollars in thousands, except per share data)
Year Ended December 31
------------------------------------------------------------
1996 1995 1994 (1)
------------------------------------------------------------
Primary
Net Income $155,267 $126,511 $95,263
============================================================
Weighted average common and common
equivalent shares outstanding
Average common shares outstanding 66,227,631 65,690,838 65,602,850
Net effect of dilutive restricted stock (2) 7,548 293,807 464,400
Net effect of dilutive stock options (2) 809,220 447,155
------------------------------------------------------------
Weighted average common and common
equivalent shares 67,044,399 66,431,800 66,067,250
============================================================
Earnings per share $2.32 $1.90 $1.44
============================================================
Fully diluted
Net income $155,267 $126,511 $95,263
============================================================
Weighted average common and common
equivalent shares outstanding
Average common shares outstanding 66,227,631 $65,690,838 $65,602,850
Net effect of dilutive restrictive stock (3) 11,169 417,701 464,400
Net effect of dilutive stock options (3) 1,348,912 484,108
------------------------------------------------------------
Weighted average common and common
equivalent shares 67,587,712 66,592,647 66,067,250
============================================================
Earnings per share $2.30 $1.90 $1.44
============================================================
(1) Gives retroactive effect to the initial capitalization of the Company
on November 22, 1994, as if all shares issued were outstanding for all
periods presented. Dilutive restrictive stock includes effect of
464,400 shares of restricted stock which vested on November 15, 1995.
(2) Based on the treasury stock method using average market price.
(3) Based on the treasury stock method using the higher of ending or
average market price.
The calculations of common and common equivalent earnings per share
and fully diluted earnings per share are submitted in accordance with
Securities Exchange Act of 1934 Release No. 9083 although both
calculations are not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because there is dilution of less than 3%. The
Registrant has elected to show fully diluted earnings per share in its
financial statements.