<PAGE>
 
                                                                      Exhibit 11
                                                                      ----------
<TABLE>
<CAPTION>
 
 
                            BANKAMERICA CORPORATION
                   Computation of Earnings Per Common Share

 
 
(Dollar amounts in millions, except                      Year Ended December 31
per share data)                                ------------------------------------------
                                                       1996           1995           1994
                                               ------------   ------------   ------------
<S>                                            <C>            <C>            <C> 
Net income                                     $      2,873   $      2,664   $      2,176
Less:  Preferred stock dividends                        185            227            248
                                               ------------   ------------   ------------
 
    NET INCOME APPLICABLE TO COMMON STOCK      $      2,688   $      2,437   $      1,928
                                               ============   ============   ============
 
Average number of common shares
  outstanding                                   361,186,603    370,981,593    357,312,433
 
Average number of common and common
  equivalent shares outstanding                 368,027,522    375,555,919    359,793,169
 
Average number of common shares
  outstanding - assuming full dilution          368,557,970    378,103,241    365,273,824
 
Earnings per common and common
  equivalent share                             $       7.31   $       6.49   $       5.36
 
Earnings per common share -
  assuming full dilution                       $       7.30   $       6.45   $       5.33
 
</TABLE>

Earnings per common and common equivalent share are computed by dividing net
income applicable to common stock by the total of the average number of common
shares outstanding during the period and the additional dilutive effect of stock
options and warrants outstanding during the period. The dilutive effect of
outstanding stock options and warrants is computed using the average market
price of BankAmerica Corporation's (BAC) common stock for the period.

Earnings per common share, assuming full dilution, are computed based on the
average number of common shares outstanding during the period and the additional
dilutive effect of stock options and warrants outstanding during the period. The
dilutive effect of outstanding stock options and warrants is computed using the
greater of the closing market price or the average market price of BAC's common
stock for the period. Earnings per common share, assuming full dilution, also
includes the dilution which would result if BAC's outstanding 6 1/2% Cumulative
Convertible Preferred Stock, Series G (Convertible Preferred Stock) had been
redeemed or converted during the period. Net income applicable to common stock
was adjusted for dividends declared on the Convertible Preferred Stock of $3
million and $16 million during the years ended December 31, 1995 and 1994,
respectively. The outstanding shares of the Convertible Preferred Stock were
redeemed or converted during May 1995.