EXHIBIT 11 FULLY DILUTED EARNINGS PER COMMON SHARE AND FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING 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. 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 outstanding and the dilution resulting from the conversion of the registrant's convertible preferred stock, if applicable. The effect of convertible preferred stock is excluded from the computation of fully diluted earnings per share in periods in which the effect would be antidilutive. Fully diluted earnings per common share was determined as follows (shares in thousands, dollars in millions except per-share information): NationsBank Corporation Exhibit 11 September 30, 1996
Three Months Nine Months Ended Ended September 30 September 30 ------------------------------ ------------------------------ 1996 1995 1996 1995 -------------- -------------- -------------- -------------- Average common shares outstanding 292,633 270,306 297,772 272,790 Dilutive effect of Convertible preferred stock 1,998 2,310 1,998 2,310 Stock options 3,436 2,378 3,307 2,405 -------------- -------------- -------------- -------------- Total fully dilutive shares 298,067 274,994 303,077 277,505 ============== ============== ============== ============== Income available to common shareholders $622 $528 $1,732 $1,434 Preferred dividends paid on dilutive convertible preferred stock 1 2 5 6 ------------------------------ -------------- -------------- Total net income available for common shareholders adjusted for full dilution $623 $530 $1,737 $1,440 ============== ============== ============== ============== Fully diluted earnings per share $2.09 $1.93 $5.73 $5.19 -------------- -------------- -------------- --------------
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