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WACHOVIA CORPORATION
Computation of Earnings Per Comon Share
EXHIBIT 11
Three Months Ended Nine Months Ended
September 30 September 30
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1994 1993 1994 1993
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PRIMARY (in thousands,
except per share amount)
Average common shares outstanding 170,874 172,632 171,204 172,511
Dilutive common stock options -
based on treasury stock method
using average market price 1,141 1,591 1,180 1,618
Dilutive common stock awards -
based on treasury stock method
using average market price 82 77 78 71
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Average primary shares outstanding 172,097 174,300 172,462 174,200
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Net income $137,992 $124,407 $396,932 $369,098
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Per share amount $ .80 $ .71 $ 2.30 $ 2.12
FULLY DILUTED (in thousands,
except per share amount)
Average common shares outstanding 170,874 172,632 171,204 172,511
Dilutive common stock options -
based on treasury stock method
using higher of period-end market
price or average market price 1,141 1,859 1,180 1,891
Dilutive common stock awards -
based on treasury stock method
using higher of period-end market
price or average market price 82 85 78 85
Convertible notes assumed converted 604 838 624 1,418
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Average fully diluted shares
outstanding 172,701 175,414 173,086 175,905
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Net income $137,992 $124,407 $396,932 $369,098
Add interest on convertible notes
after taxes 127 167 393 777
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Adjusted net income $138,119 $124,574 $397,325 $369,875
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Per share amount $ .80 $ .71 $ 2.30 $ 2.10