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COMPUTATION OF EARNINGS PER SHARE EXHIBIT 11.1
The South Financial Group, Inc. and Subsidiaries
($ in thousands)
1ST QTR 2000 2ND QTR 2000 2ND QTR - YTD 3RD QTR 2000 3RD QTR YTD
------------- ------------ -------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Net income........................... 10,402,000 (8,949,000) $ 1,453,000 (3,082,000) (1,629,000)
Less: Dividends on preferred stock.. - - - - -
Net income applicable to common...... 10,402,000 (8,949,000) 1,453,000 (3,082,000) (1,629,000)
shareholders
BASIC EARNINGS PER SHARE
Average shares outstanding............ 42,944,844 42,842,124 42,893,484 42,901,829 42,896,266
Basic Earnings Per Share (B/C)........ 0.24 (0.21) 0.03 (0.07) (0.04)
DILUTED EARNINGS PER SHARE
Average shares outstanding............ 42,944,844 42,842,124 42,901,829
Dilutive average shares outstanding... (1) 1,121,671 1,251,346
under options
Exercise prices....................... (1) $0.41 to $13.88 $0.41 to $13.16
Assumed proceeds on exercise.......... (1) $5,895,366 $7,750,765
Average market value per share........ (1) 13.61 13.46
(greater of average or period end)
Less: Treasury stock purchased with the
assumed proceeds from exercise of
options............................. (1) 433,149 575,728
Adjusted average shares -- Diluted..... 43,629,026 43,530,646 43,579,836 43,577,447 43,579,040
Diluted Earnings Per Share (A/D)....... 0.24 (0.21) 0.03 (0.07) (0.04)
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(1) Calculation was not performed
herein. As pooling with Anchor was
necessary, calculation was performed
using the conversion ratio (2.175)
designated in the merger agreement.
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