NationsBank Corporation
                                                                  Exhibit 11


December 31, 1994
(shares in thousands, dollars in millions)


<TABLE>
<CAPTION>
                                                                        Year Ended December 31

                                                                1994             1993             1992
<S>                                                           <C>               <C>               <C>   
Average common shares outstanding........................        274,656          257,969          243,748
                                                         
Dilutive effect of                                       
  Convertible preferred stock............................          2,513            2,453            2,473
  Stock options..........................................          1,404            2,031            2,297
Total fully dilutive shares..............................        278,573          262,453          248,518
                                                         
Income available to common shareholders before effect    
  of change in method of accounting for income taxes.....    $     1,680      $     1,291      $     1,121
Tax effect of assumed conversion of ESOP preferred stock.              0                0               (6)
Preferred dividends paid on dilutive convertible          
  preferred stock........................................             10               10                9
Income available to common shareholders adjusted for      
  full dilution and before effect of change in method     
  of accounting for income taxes.........................          1,690            1,301            1,124
Effect of change in method of accounting for income taxes              0              200                0
Total net income available for common shareholders        
  adjusted for full dilution.............................    $     1,690      $     1,501      $     1,124
                                                          
Fully diluted earnings per common share before effect      
  of change in method of accounting for income taxes.....    $      6.06      $      4.95      $      4.52
Fully diluted earnings per common share..................    $      6.06      $      5.72      $      4.52
</TABLE>