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<CAPTION>
Exhibit 11
CATSKILL FINANCIAL CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(In thousands, except share and per share data)
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Three Months Ended June 30, Nine Months Ended June 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Net income (loss) per common share - basic
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Net income (loss) applicable to common shares $ (6,459) $ 1,099 $ (4,233) $ 3,121
Weighted average common shares outstanding 3,294,197 3,804,676 3,330,443 3,831,288
Net income (loss) per common share - basic $ (1.96) $ .29 $ (1.27) $ .81
=========== =========== =========== ===========
Net income (loss) per common share - diluted
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Net income (loss) applicable to common shares $ (6,459) $ 1,099 $ (4,233) $ 3,121
Weighted average common shares outstanding 3,294,197 3,804,676 3,330,443 3,831,288
Dilutive common stock options (1) -- 94,020 -- 67,159
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Weighted average common shares including
potential dilution 3,294,197 3,898,696 3,330,443 3,898,447
=========== =========== =========== ===========
Net income (loss) per common share - diluted $ (1.96) $ .28 $ (1.27) $ .80
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(1) Dilutive common stock options (includes granted, but unvested restricted
stock under the Company's MRP plan and options granted, but unexercised under
its stock option plan) are based on the treasury stock method using average
market price. The treasury stock method recognizes the use of assumed proceeds
upon the exercise of options, and the amount of unearned compensation attributed
to future services under the Company's restricted stock plan, including any tax
benefits, to purchase the Company's common stock at the average market price
during the period. Furthermore, for the three and nine month periods ended June
30, 2000, weighted average common shares including potential dilution, excluded
76,459 and 45,292 shares, respectively, because they would have been
antidilutive and reduced the reported diluted loss per share.
