EX-11 3 chemex11_031505.htm CHEMICAL FINANCIAL EXHIBIT 11 TO FORM 10-K Chemical Financial Corporation Exhibit 11 to Form 10-K - 03-15-05

EXHIBIT NO. 11


Computation of Per Share Earnings


 

Year Ended December 31
 

2004

  

2003

  

2002
 

(Amounts in thousands, except per share amounts)

BASIC:

                
                 

     Average shares outstanding

  

25,130

    

24,878

    

24,860
                 

     Net income

$

56,682

  

$

55,716

  

$

54,945
                 
                 

     Net income per common share

$

2.26

  

$

2.24

  

$

2.21
                 

DILUTED:

                
                 

     Average shares outstanding

  

25,130

    

24,878

    

24,860
                 

     Net effect of the assumed exercise of

                

     stock options-based on the treasury

                

     stock method using average market price

  

88

    

66

    

69
   

25,218

    

24,944

    

24,929
                 

     Net income

$

56,682

  

$

55,716

  

$

54,945
                 
                 

     Net income per common share

$

2.25

  

$

2.23

  

$

2.20