EXHIBIT 11. COMPUTATION OF EARNINGS PER COMMON SHARE
<TABLE>
FIRST SECURITY CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(in thousands, except per share amounts; unaudited) (A)
<CAPTION>
For the Periods Ended June 30, 2000 and 1999 ------Three Months ------ -----YTD Six Months ----
2000 1999 2000 1999
<S> <C> <C> <C> <C>
----------------------------------------------------------- --------- --------- --------- ---------
NET INCOME:
Net income per consolidated income statements $ (1,599) $ 68,843 $ 33,392 $ 133,721
Subtract dividend requirement of preferred stock 6 7 13 14
----------------------------------------------------------- --------- --------- --------- ---------
NET INCOME APPLICABLE TO COMMON STOCK (BASIC) (1,605) 68,836 33,379 133,707
Add dividend requirement of preferred stock 6 7 13 14
----------------------------------------------------------- --------- --------- --------- ---------
NET INCOME DILUTED $ (1,599) $ 68,843 $ 33,392 $ 133,721
=========================================================== ========= ========= ========= =========
EARNINGS PER COMMON SHARE BASIC $ (0.01) $ 0.36 $ 0.17 $ 0.70
EARNINGS PER COMMON SHARE DILUTED (0.01) 0.35 0.17 0.69
=========================================================== ========= ========= ========= =========
SHARES OUTSTANDING (AVERAGE):
Common shares 198,359 192,921 198,037 192,410
Treasury shares (1,697) (1,598) (1,691) (2,619)
----------------------------------------------------------- --------- --------- --------- ---------
COMMON SHARES BASIC (AVG) 196,662 191,323 196,346 189,791
Common share equivalents for options 2,549 4,711 3,180 4,749
Preferred share equivalents 347 368 349 371
----------------------------------------------------------- --------- --------- --------- ---------
COMMON SHARES DILUTED (AVG) 199,558 196,402 199,875 194,911
=========================================================== ========= ========= ========= =========
<FN>
(A) Earnings per common share diluted were computed assuming that all outstanding shares of preferred stock
were converted into common stock on the basis of 41.00625 shares of common for each share of preferred,
with the elimination of dividends on the preferred stock. Common stock equivalents are common stock
options outstanding accounted for on the treasury stock method for purposes of these computations.
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