Exhibit 11
Computation of Net Income Per Share
(In thousands, except share and earnings per share)
For the Quarter Ended
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June 30, 2000 June 30, 1999
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Net Income Per Share - Basic
Net income applicable to common stock $ 402,000 $ 343,000
Weighted average common shares 1,781,024 1,895,619
Earnings per common share $ 0.23 $ 0.18
Net Income Per Share - Diluted
Net income applicable to common stock $ 402,000 $ 343,000
Weighted average common shares 1,781,024 1,895,619
Dilutive common stock options 28,544 16,273
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Weighted average common shares - diluted 1,809,568 1,911,892
Earnings per common share $ 0.22 $ 0.18
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For the Six Months Ended
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June 30, 2000 June 30, 1999
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Net Income Per Share - Basic
Net income applicable to common stock $ 804,000 $ 636,000
Weighted average common shares 1,786,620 1,910,956
Earnings per common share $ 0.45 $ 0.33
Net Income Per Share - Diluted
Net income applicable to common stock $ 804,000 $ 636,000
Weighted average common shares 1,786,620 1,910,956
Dilutive common stock options 19,607 14,441
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Weighted average common shares - diluted 1,806,227 1,925,397
Earnings per common share $ 0.44 $ 0.33
(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.