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EXHIBIT 11
Exhibit (11) - Statement Re: Computation of Earnings Per Share
COMPUTATION OF EARNINGS PER SHARE
Comerica Incorporated and Subsidiaries
(In thousands, except per share data)
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Three Months Ended Six Months Ended
June 30 June 30
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic:
Average shares outstanding 156,252 156,086 156,260 155,972
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Net income $185,551 $167,382 $363,267 $326,494
Less preferred stock dividends 4,275 4,275 8,550 8,550
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Net income applicable to common
stock $181,276 $163,107 $354,717 $317,944
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Basic net income per share $1.16 $1.04 $2.27 $2.04
Diluted:
Average shares outstanding 156,252 156,086 156,260 155,972
Nonvested stock 188 166 178 171
Common stock equivalent:
Net effect of the assumed
exercise of stock options 1,598 2,324 1,406 2,320
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Diluted average shares 158,038 158,576 157,844 158,463
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Net income $185,551 $167,382 $363,267 $326,494
Less preferred stock dividends 4,275 4,275 8,550 8,550
-------- -------- -------- --------
Net income applicable to common
stock $181,276 $163,107 $354,717 $317,944
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Diluted net income per share $1.15 $1.03 $2.25 $2.01
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