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EXHIBIT 11
FIRST TENNESSEE NATIONAL CORPORATION
PRIMARY EARNINGS PER SHARE
AND FULLY DILUTED EARNINGS PER SHARE
Twelve Months Ended
December 31
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Computation for Statements of Income: 1995 1994 1993
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Per statements of income (Thousands):
Net income $ 164,888 $ 147,068 $ 109,716
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Per statements of income:
Weighted average shares outstanding 68,024,794 68,441,382 68,145,768
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Primary earnings per share (a):
Net income $ 2.42 $ 2.15 $ 1.61
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Additional Primary computation
- - ------------------------------
Adjustment to weighted average shares
outstanding:
Weighted average shares outstanding
per primary computation above 68,024,794 68,441,382 68,145,768
Add dilutive effect of outstanding
options (as determined by the
application of the treasury stock
method) 1,225,616 1,101,176 1,110,824
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Weighted average shares outstanding,
as adjusted 69,250,410 69,542,558 69,256,592
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Primary earnings per share, as adjusted (b):
Net income $ 2.38 $ 2.11 $ 1.58
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Additional Fully Diluted Computation
- - ------------------------------------
Adjustment to net income:
Net income per primary computation above $ 164,888 $ 147,068 $ 109,716
Effect of conversion of subordinated
debt - - 132
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Fully diluted net income, as adjusted: $ 164,888 $ 147,068 $ 109,848
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Adjustment to weighted average share
outstanding:
Weighted average shares outstanding
per primary computation above 69,250,410 69,542,558 69,256,592
Additional dilutive effect of outstanding
options (as determined by the application
of the treasury stock method) 131,096 25,964 24,872
Additional dilutive effect of conversion of
subordinated debt - - 406,200
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Weighted average shares outstanding,
as adjusted 69,381,506 69,568,522 69,687,664
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Fully diluted earnings per share, as adjusted (b):
Net income $ 2.38 $ 2.11 $ 1.58
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(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%.
Per share data reflects the 1996 two-for-one stock split.