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                                             EXHIBIT 11
                    
                                  FIRST USA, INC. AND SUBSIDIARIES
                                 COMPUTATION OF NET INCOME PER SHARE
                         Three and Nine Months Ended March 31, 1997 and 1996
                    
                            (Dollars in thousands, except per share data)


<TABLE>
<CAPTION>
                                                    Three Months Ended                   Nine Months Ended
                                                         March 31,                          March 31,
                                              ------------------------------      ------------------------------
                                                  1997              1996              1997              1996
                                              -------------   --------------       ------------     ------------      
<S>                                           <C>               <C>               <C>               <C>
Primary
-------
Net income                                    $     24,124      $     84,999      $    167,312      $    198,961
                                              ============      ============      ============      ============
Weighted average common and common                                                                   
  equivalent shares outstanding                                                                      
   Average common shares outstanding           123,289,848       119,500,048       122,399,287       118,630,238
   Common stock equivalents:                                                                         
    Stock options                                6,227,279         5,047,352         5,464,513         5,175,558
    Mandatory convertible preferred stock        9,586,301         9,582,950         9,586,301         9,582,950
                                              ------------      ------------      ------------      ------------
   Weighted average common and common                                                                
    equivalent shares                          139,103,428       134,130,350       137,450,101       133,388,746
                                              ============      ============      ============      ============
                                                                                                     
Net income per share                          $       0.17      $       0.63      $       1.22      $       1.49
                                              ============      ============      ============      ============
                                                                                                     
Fully diluted
-------------
Net income                                    $     24,124      $     84,999      $    167,312      $    198,961
                                              ============      ============      ============      ============
Weighted average common and common                                                                   
   equivalent shares outstanding                                                                     
   Average common shares outstanding           123,289,848       119,500,048       122,399,287       118,630,238
   Common stock equivalents:                                                                         
    Stock options                                6,232,414         5,485,584         6,354,044         5,760,554
    Mandatory convertible preferred stock        9,586,301         9,582,950         9,586,301         9,582,950
                                              ------------      ------------      ------------      ------------
   Weighted average common and common                                                                
    equivalent shares                          139,108,563       134,568,582       138,339,632       133,973,742
                                              ============      ============      ============      ============
                                                                                                     
Net income per share assuming full dilution   $       0.17      $       0.63      $       1.21      $       1.49
                                              ============      ============      ============      ============
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