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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 NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE:
Net income................................ $ 21,058 $ 15,317 $ 81,197 $ 54,820
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Weighted average common shares outstanding 12,904 12,448 12,825 12,435
====== ========== ======== ========
Basic earnings per share..................... $ 1.63 $ 1.23 $ 6.33 $ 4.41
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EARNINGS PER SHARE ASSUMING DILUTION:
Net income................................ $ 21,058 $ 15,317 $ 81,197 $ 54,820
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Weighted average number of common and dilutive
potential common shares outstanding:
Weighted average common shares outstanding 12,904 12,448 12,825 12,435
Dilutive effect of stock options (net of
tax benefits) 777 494 677 411
Shares credited to deferred compensation
plan participants...................... 1,060 600 965 559
-------- ---------- -------- --------
Weighted average number of common and dilutive
potential common shares outstanding.... 14,741 13,542 14,467 13,405
======== ========== ======== ========
Diluted earnings per share................... $ 1.43 $ 1.13 $ 5.61 $ 4.09
======== ========== ======== ========
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