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EXHIBIT 11.1
BAYBANKS, INC.
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
FOR THE PERIODS ENDED SEPTEMBER 30
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
NINE MONTHS ENDED SEPTEMBER QUARTER ENDED SEPTEMBER 30
30
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1995 1994 1995 1994
----------- ----------- ----------- -----------
PRIMARY:
Weighted average shares............. 19,206,107 18,827,078 19,588,083 18,883,516
Common stock equivalents (CSE):
Stock options.................. 293,074 318,626 318,932 304,374
----------- ----------- ----------- -----------
Primary weighted average shares..... 19,499,181 19,145,704 19,907,015 19,187,890
=========== =========== =========== ===========
Income before cumulative effect of
accounting change................. $ 99,552 $ 77,666 $ 34,719 $ 29,033
Less cumulative effect of accounting
change............................ -- 932 -- --
----------- ----------- ----------- -----------
Net income.......................... $ 99,552 $ 76,734 $ 34,719 $ 29,033
=========== =========== =========== ===========
Primary earnings per share:
Income before cumulative effect
of accounting change......... $ 5.11 $ 4.06 $ 1.74 $ 1.51
Less cumulative effect of
accounting change............ -- 0.05 -- --
----------- ----------- ----------- -----------
Net income..................... $ 5.11 $ 4.01 $ 1.74 $ 1.51
=========== =========== =========== ===========
FULLY DILUTED:
Weighted average shares............. 19,206,107 18,827,078 19,588,083 18,883,516
Common stock equivalents (CSE):
Stock options.................. 316,432 323,641 318,932 304,374
----------- ----------- ----------- -----------
Fully diluted weighted average
shares............................ 19,522,539 19,150,719 19,907,015 19,187,890
=========== =========== =========== ===========
Income before cumulative effect of
accounting change................. $ 99,552 $ 77,666 $ 34,719 $ 29,033
Less cumulative effect of accounting
change............................ -- 932 -- --
----------- ----------- ----------- -----------
Net income.......................... $ 99,552 $ 76,734 $ 34,719 $ 29,033
=========== =========== =========== ===========
Fully diluted earnings per share:
Income before cumulative effect
of accounting change......... $ 5.10 $ 4.06 $ 1.74 $ 1.51
Less cumulative effect of
accounting change............ -- 0.05 -- --
----------- ----------- ----------- -----------
Net income..................... $ 5.10 $ 4.01 $ 1.74 $ 1.51
=========== =========== =========== ===========
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