EX-11 8 k88654exv11.txt STATEMENT RE: COMPUTATION OF NET INCOME PER COMMON SHARE . . . EXHIBIT (11) - STATEMENT RE: COMPUTATION OF NET INCOME PER COMMON SHARE COMPUTATION OF NET INCOME PER COMMON SHARE Comerica Incorporated and Subsidiaries
Three Months Ended Nine Months Ended September 30, September 30, ------------------ ------------------ (in millions, except per share data) 2004 2003 2004 2003 ------------------------------------ ---- ---- ---- ---- Basic: Net income applicable to common stock $ 196 $ 157 $ 550 $ 503 ----- ----- ----- ----- Average common shares outstanding 170 175 172 175 ----- ----- ----- ----- Basic net income per common share $1.15 $0.90 $3.19 $2.88 ===== ===== ===== ===== Diluted: Net income applicable to common stock $ 196 $ 157 $ 550 $ 503 ----- ----- ----- ----- Average common shares outstanding 170 175 172 175 Nonvested stock 1 - 1 - Common stock equivalent: Net effect of the assumed exercise of stock options 2 1 1 1 ----- ----- ----- ----- Diluted average common shares 173 176 174 176 ----- ----- ----- ----- Diluted net income per common share $1.13 $0.89 $3.15 $2.86 ===== ===== ===== =====
Options to purchase an average 6.4 million and 9.1 million shares of common stock at exercise prices ranging from $59.24 - $71.58 and $48.92 - $71.58 were outstanding during the three months ended September 30, 2004 and 2003, respectively, and options to purchase an average 6.4 million and 9.2 million shares of common stock at exercise prices ranging from $56.19 - $71.58 and $44.91 - $71.58 were outstanding during the nine months ended September 30, 2004 and 2003, respectively, but were not included in the computation of diluted net income per common share because the options' exercise prices were greater than the average market price of common shares for the period.