1 EXHIBIT 11 FIRST TENNESSEE NATIONAL CORPORATION PRIMARY EARNINGS PER SHARE AND FULLY DILUTED EARNINGS PER SHARE Computation for Statements of Income: 1993 1992 1991 - -------------------------------------- ------------------------------------------------ Per statements of income (Thousands): Net income $120,665 $89,165 $73,022 ================================================ Per statements of income: Weighted average shares outstanding 28,325,005 27,971,865 27,761,007 ================================================ Primary earnings per share (a): Net income $4.26 $3.19 $2.63 ================================================ Additional Primary computation - ------------------------------------- Adjustment to weighted average shares outstanding: Weighted average shares outstanding per primary computation above 28,325,005 27,971,865 27,761,007 Additional dilutive effect of outstanding options (as determined by the application of the treasury stock method) 503,103 530,044 312,859 ----------------------------------------------- Weighted average shares outstanding, as adjusted 28,828,108 28,501,909 28,073,866 ================================================ Primary earnings per share, as adjusted (b): Net income $4.19 $3.13 $2.60 ================================================ Additional Fully Diluted Computation - -------------------------------------- Adjustment to weighted average shares outstanding: Weighted average shares outstanding per primary computation above 28,828,108 28,501,909 28,073,866 Additional dilutive effect of outstanding options (as determined by the application of the treasury stock method) 11,970 36,751 41,914 ----------------------------------------------- Weighted average shares outstanding, as adjusted 28,840,078 28,538,660 28,115,780 =============================================== Fully diluted earnings per share, as adjusted (b): Net income $4.18 $3.12 $2.60 =============================================== (a) These figures agree with the related amounts in the statements of income. (b) This calculation is submitted in accordance with Securities Exchange Act of 1934 Release No. 9083 although not required by footnote 2 paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.