Exhibit 11 - Computation of Earnings Per Common Share
TCF FINANCIAL CORPORATION AND SUBSIDIARIES
Computation of Earnings Per Common Share
(Dollars in thousands, except per-share data)
Computation of Basic Earnings Per Common
Share for Statements of Operations: Year Ended December 31,
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1997 1996 1995
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Income before extraordinary item $ 145,061 $ 100,377 $ 73,207
Less: Dividends on preferred stock - - 678
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Income applicable to common stock before extraordinary item 145,061 100,377 72,529
Extraordinary item - - (963)
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Income applicable to common shareholders $ 145,061 $ 100,377 $ 71,566
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Weighted average common shares outstanding 84,477,536 81,903,690 81,115,264
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Basic earnings per common share:
Income before extraordinary item $ 1.72 $ 1.23 $ .89
Extraordinary item - - (.01)
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Net income $ 1.72 $ 1.23 $ .88
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Computation of Diluted Earnings Per Common
Share for Statements of Operations:
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Income before extraordinary item $ 145,061 $ 100,377 $ 73,207
Add: Interest expense on 7 1/4% convertible
subordinated debentures, net of tax 132 328 382
Less: Dividends on preferred stock - - 678
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Income applicable to common stock before extraordinary item 145,193 100,705 72,911
Extraordinary item - - (963)
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Income applicable to common shareholders
including effect of dilutive securities $ 145,193 $ 100,705 $ 71,948
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Weighted average number of common shares outstanding
adjusted for effect of dilutive securities:
Weighted average common shares outstanding used
in basic earnings per common share calculation 84,477,536 81,903,690 81,115,264
Net dilutive effect of:
Stock option plans and common stock warrants 468,275 537,900 1,057,861
Restrictive stock plans 838,189 654,918 376,108
Assumed conversion of 7 1/4% convertible
subordinated debentures 349,936 842,850 1,010,394
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86,133,936 83,939,358 83,559,627
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Diluted earnings per common share:
Income before extraordinary item $ 1.69 $ 1.20 $ .87
Extraordinary item - - (.01)
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Net income $ 1.69 $ 1.20 $ .86
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