1 EXHIBIT 11 CHARTER ONE FINANCIAL, INC. COMPUTATION OF PER SHARE EARNINGS THREE MONTHS ENDED NINE MONTHS ENDED ----------------------------- ----------------------------- 9/30/00 9/30/99 9/30/00 9/30/99 ------- ------- ------- ------- (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) BASIC EARNINGS PER SHARE(1): Weighted average number of common shares outstanding .................. 209,379,604 223,149,954 215,626,442 224,314,019 ============ ============ ============ ============ Net income ............................ $ 109,592 $ 104,502 $ 324,588 $ 315,824 ============ ============ ============ ============ Basic earnings per share .............. $ .52 $ .47 $ 1.50 $ 1.41 ============ ============ ============ ============ DILUTED EARNINGS PER SHARE(1): Weighted average number of common shares outstanding .................. 209,379,604 223,149,954 215,626,442 224,314,019 Add common stock equivalents for shares issuable under stock option plans ... 4,386,828 4,802,275 3,739,680 5,385,237 ------------ ------------ ------------ ------------ Weighted average number of common and common equivalent shares outstanding 213,766,432 227,952,229 219,366,122 229,699,256 ============ ============ ============ ============ Net income ............................ $ 109,592 $ 104,502 $ 324,588 $ 315,824 ============ ============ ============ ============ Diluted earnings per share ............ $ .51 $ .46 $ 1.48 $ 1.38 ============ ============ ============ ============ - ------------------------------------- (1) Restated to reflect the 5% stock dividend issued September 30, 2000.