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EXHIBIT 11
Golden West Financial Corporation
Statement of Computation of Earnings (Loss) Per Share
(Dollars in thousands except per share figures)
Three Months Ended Six Months Ended
June 30 June 30
------------------------ ------------------------
1997 1996 1997 1996
----------- ---------- ----------- -----------
Earnings Before Cumulative Effect of
Change in Accounting for Goodwill $ 87,277 $ 79,585 $ 170,651 $ 158,178
Cumulative Effect of Change in
Accounting for Goodwill -0- -0- -0- (205,242)
----------- ---------- ---------- -----------
Net Earnings (Loss) $ 87,277 $ 79,585 $ 170,651 $ (47,064)
=========== ========== ========== ===========
Average Number of Common
Shares Outstanding 56,892,526 58,283,423 57,102,416 58,536,031
=========== ========== ========== ===========
Earnings Per Share Before Cumulative
Effect of Change in Accounting for
Goodwill $ 1.54 $ 1.35 $ 2.99 $ 2.69
Cumulative Effect of Change in
Accounting for Goodwill 0.00 0.00 0.00 (3.49)
----------- ---------- ---------- -----------
Earnings (Loss) Per Common Share $ 1.54 $ 1.35 $ 2.99 $ (.80)
=========== ========== =========== ===========
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