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)
Year Ended December 31,
Computation of Basic Earnings Per Common -------------------------------------------------
Share for Statements of Operations: 1998 1997 1996
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Net income $ 156,179 $ 145,061 $ 100,377
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Weighted average common shares outstanding 88,092,895 84,477,536 81,903,690
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Basic earnings per common share $ 1.77 $ 1.72 $ 1.23
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Computation of Diluted Earnings Per Common
Share for Statements of Operations:
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Net income $ 156,179 $ 145,061 $ 100,377
Add: Interest expense on 7 1/4% convertible
subordinated debentures, net of tax - 132 328
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Income applicable to common shareholders
including effect of dilutive securities $ 156,179 $ 145,193 $ 100,705
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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 88,092,895 84,477,536 81,903,690
Net dilutive effect of:
Stock option plans 346,434 468,275 537,900
Restricted stock plans 476,486 838,189 654,918
Assumed conversion of 7 1/4% convertible
subordinated debentures - 349,936 842,850
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88,915,815 86,133,936 83,939,358
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Diluted earnings per common share $ 1.76 $ 1.69 $ 1.20
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