Exhibit 11
Computation of Net Income Per Share
(In thousands, except share and earnings per share)
For the Quarter Ended
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September 30, 2000 September 30, 1999
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Net Income Per Share - Basic
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Net income applicable to common stock $ 304,000 $ 383,000
Weighted average common shares 1,790,363 1,848,322
Earnings per common share $ 0.17 $ 0.21
Net Income Per Share - Diluted
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Net income applicable to common stock $ 304,000 $ 383,000
Weighted average common shares 1,790,363 1,848,322
Dilutive common stock options 42,072 18,295
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Weighted average common shares - diluted 1,832,435 1,866,617
Earnings per common share $ 0.17 $ 0.21
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For the Nine Months Ended
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September 30, 2000 September 30, 1999
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Net Income Per Share - Basic
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Net income applicable to common stock $1,108,000 $1,019,000
Weighted average common shares 1,787,877 1,889,848
Earnings per common share $ 0.62 $ 0.54
Net Income Per Share - Diluted
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Net income applicable to common stock $1,108,000 $1,019,000
Weighted average common shares 1,787,877 1,889,848
Dilutive common stock options 26,295 15,510
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Weighted average common shares - diluted 1,814,172 1,905,358
Earnings per common share $ 0.61 $ 0.54
(1) Dilutive common stock options (includes restricted stock under the Company's
ISAP plan and options 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 option, and the amount of
unearned compensation attributed to future services under the Company's
restricted stock plan, including any tax benefits, will be used to purchase the
Company's common stock at the average market price during the period.
