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EXHIBIT 11
DAIN RAUSCHER CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED, IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)
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<CAPTION>
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE:
Net income.......................................... $ 20,150 $ 16,912 $ 60,139 $ 39,502
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Weighted average common shares outstanding.......... 12,829 12,381 12,785 12,429
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Basic earnings per share............................... $ 1.57 $ 1.37 $ 4.70 $ 3.18
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EARNINGS PER SHARE ASSUMING DILUTION:
Net income.......................................... $ 20,150 $ 16,912 $ 60,139 $ 39,502
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Weighted average number of common and dilutive
potential common shares outstanding:
Weighted average common shares outstanding.......... 12,829 12,381 12,785 12,429
Dilutive effect of stock options (net of tax benefits) 625 451 565 375
Shares credited to deferred compensation
plan participants................................ 1,026 594 917 547
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Weighted average number of common and dilutive
potential common shares outstanding.............. 14,480 13,426 14,267 13,351
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Diluted earnings per share............................. $ 1.39 $ 1.26 $ 4.22 $ 2.96
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