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)
(Unaudited)
Computation of Basic Earnings Per Common Three Months Ended
Share for Statements of Operations: March 31,
- ---------------------------------------- ----------------------------
1998 1997
----------- -----------
Income applicable to common shareholders $ 39,894 $ 33,027
----------- -----------
----------- -----------
Weighted average common shares outstanding 90,914,027 80,778,560
----------- -----------
----------- -----------
Basic earnings per common share $ .44 $ .41
----------- -----------
----------- -----------
Computation of Diluted Earnings Per Common
Share for Statements of Operations:
- ----------------------------------------
Net income $ 39,894 $ 33,027
Add:
Interest expense on 7 1/4% convertible
subordinated debentures, net of tax -- 79
----------- -----------
Income applicable to common shareholders
including effect of dilutive securities $ 39,894 $ 33,106
----------- -----------
----------- -----------
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 90,914,027 80,778,560
Net dilutive effect of:
Stock option plans 391,541 517,970
Restricted stock plans 510,912 835,847
Assumed conversion of 7 1/4% convertible
subordinated debentures -- 838,634
----------- -----------
91,816,480 82,971,011
----------- -----------
----------- -----------
Diluted earnings per common share $ .43 $ .40
----------- -----------
----------- -----------