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 Nine Months Ended
Share for Statements of Operations: September 30, September 30,
- ---------------------------------------- ---------------------------- -------------------------
1998 1997 1998 1997
---- ---- ---- ----
Income applicable to common shareholders $ 36,581 $ 37,210 $ 116,675 $ 105,172
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
Weighted average common shares outstanding 87,133,594 85,124,188 89,157,432 82,398,577
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
Basic earnings per common share $ .42 $ .44 $ 1.31 $ 1.28
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
Computation of Diluted Earnings Per Common
Share for Statements of Operations:
- ------------------------------------------
Net income $ 36,581 $ 37,210 $ 116,675 $ 105,172
Add: Interest expense on 7 1/4% convertible
subordinated debentures, net of tax - - - 132
------------ ----------- ----------- -----------
Income applicable to common shareholders
including effect of dilutive securities $ 36,581 $ 37,210 $ 116,675 $ 105,304
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
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 87,133,594 85,124,188 89,157,432 82,398,577
Net dilutive effect of:
Stock option plans 329,634 461,848 359,546 469,607
Restricted stock plans 510,015 852,244 503,458 838,903
Assumed conversion of 7 1/4% convertible
subordinated debentures - - - 466,581
----------- ----------- ----------- -----------
87,973,243 86,438,280 90,020,436 84,173,668
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
Diluted earnings per common share $ .42 $ .43 $ 1.30 $ 1.25
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------