. . . EXHIBIT 11 CHARTER ONE FINANCIAL, INC. COMPUTATION OF PER SHARE EARNINGS THREE MONTHS ENDED TWELVE MONTHS ENDED --------------------------- --------------------------- 12/31/02 12/31/01 12/31/02 12/31/01 ------------ ------------ ------------ ------------ (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) BASIC EARNINGS PER SHARE(1): Weighted average number of common shares outstanding ................. 225,561,551 235,750,648 229,302,385 232,547,418 ============ ============ ============ ============ Net income ............................ $ 145,726 $ 135,079 $ 577,668 $ 500,714 ============ ============ ============ ============ Basic earnings per share .............. $ .65 $ .57 $ 2.52 $ 2.15 ============ ============ ============ ============ DILUTED EARNINGS PER SHARE(1): Weighted average number of common shares outstanding ................. 225,561,551 235,750,648 229,302,385 232,547,418 Add common stock equivalents for shares issuable under stock option plans .. 5,941,137 5,668,101 6,813,458 5,836,056 ------------ ------------ ------------ ------------ Weighted average number of common and common equivalent shares outstanding 231,502,688 241,418,749 236,115,843 238,383,474 ============ ============ ============ ============ Net income ............................ $ 145,726 $ 135,079 $ 577,668 $ 500,714 ============ ============ ============ ============ Diluted earnings per share ............ $ .63 $ .56 $ 2.45 $ 2.10 ============ ============ ============ ============ - ------------------------------------ (1) Restated to reflect the 5% stock dividend issued September 30, 2002.