Exhibit 11 Fully Diluted Earnings Per Common Share and Fully Diluted Average Common Shares Outstanding The following information is a supplement to the Consolidated Statement of Income for the three years ended December 31, 1993, (page 58) of the 1993 Annual Report to Shareholders. For fully diluted earnings per common share, net income available to common shareholders can be affected by the conversion of the registrant's convertible preferred stock. Where the effect of this conversion would have been dilutive, net income available to common shareholders is adjusted by the associated preferred dividends and any resulting tax effect, if applicable. This adjusted net income is divided by the weighted average number of common shares outstanding for each period plus amounts representing the dilutive effect of stock options and warrants outstanding and the dilution resulting from the conversion of the registrant's convertible preferred stock, if applicable. The effect of warrants and convertible preferred stock is excluded from the computation of fully diluted earnings per share in periods in which their effect would be antidilutive. Fully diluted earnings per common share was determined as follows (shares in thousands, dollars in millions except per-share information):
Year Ended December 31 1993 1992 1991 Average common shares 257,969,388 243,748,481 226,304,751 outstanding............................................................ Dilutive effect of Convertible preferred 2,453,054 2,473,017 0 stock.............................................................. Stock 2,031,014 2,297,056 1,898,032 options............................................................ Warrants........................................................... 0 0 161,958 Total fully dilutive 262,453,456 248,518,554 228,364,741 shares................................................................. Income available to common shareholders before effect of change in method of accounting for income $ 1,290,888 $ 1,120,746 $ 171,075 taxes.............................................................. Interest expense and accretion of discount related to convertible debt, net of income 0 0 191 tax.................................................... Tax effect of assumed conversion of ESOP preferred 0 (5,726) 0 stock.................................................................. Preferred dividends paid on dilutive convertible preferred 10,284 9,461 0 stock.............................................................. Income available to common shareholders adjusted for full dilution and before effect of change in method of accounting for income 1,301,172 1,124,481 171,266 taxes.............................................................. Effect of change in method of accounting for income 200,258 0 0 taxes.................................................................. Total net income available for common shareholders adjusted for full $ 1,501,430 $ 1,124,481 $ 171,266 dilution........................................................... Fully diluted earnings per common share before effect of change in method of accounting for income $ 4.95 $ 4.52 $ 0.75 taxes.............................................................. Fully diluted earnings per common $ 5.72 $ 4.52 $ 0.75 share..................................................................