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Exhibit 11.0 - Computation of Per Share Earnings
Basic earnings per share is calculated by dividing net income by the
weighted average number of common shares outstanding. Diluted earnings per share
is calculated by dividing net income by the weighted average number of common
shares outstanding adjusted for the dilutive effect of outstanding stock
options. ESOP shares are only considered outstanding for earnings per share
calculations when they are released or committed to be released.
Presented below are the calculations for the basic and diluted earnings per
share:
<TABLE>
<CAPTION>
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
BASIC:
Net income $ 957,798 969,448 2,920,083 3,081,317
Weighted average shares outstanding 4,387,365 4,874,633 4,432,461 5,829,065
========= ========= ========= =========
Basic earnings per share $0.22 0.20 0.66 0.53
===== ==== ==== ====
DILUTED:
Net income $ 957,798 969,448 2,920,083 3,081,317
Weighted average shares outstanding 4,387,365 4,874,633 4,432,461 5,829,065
Effect of dilutive stock options outstanding 82 -- 163 --
--------- --------- --------- ---------
Diluted weighted average shares outstanding 4,387,447 4,874,633 4,432,624 5,829,065
========= ========= ========= =========
Diluted earnings per share $0.22 0.20 0.66 0.53
===== ==== ==== ====
</TABLE>
