EX-11 3 chemex11_031306.htm CHEMICAL FINANCIAL EXHIBIT 11 TO FORM 10-K Chemical Financial Corporation - Exhibit 11 to Form 10-K - 03-13-06

EXHIBIT NO. 11


Computation of Per Share Earnings


 

Year Ended December 31
 

2005

  

2004

  

2003
 

(Amounts in thousands, except per share amounts)

BASIC:

                
                 

     Average shares outstanding

  

25,138

    

25,130

    

24,878
                 

     Net income

$

52,878

  

$

56,682

  

$

55,716
                 
                 

     Net income per common share

$

2.10

  

$

2.26

  

$

2.24
                 

DILUTED:

                
                 

     Average shares outstanding

  

25,138

    

25,130

    

24,878
                 

     Net effect of the assumed exercise of

                

     stock options-based on the treasury

                

     stock method using average market price

  

55

    

88

    

66
   

25,193

    

25,218

    

24,944
                 

     Net income

$

52,878

  

$

56,682

  

$

55,716
                 
                 

     Net income per common share

$

2.10

  

$

2.25

  

$

2.23