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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 average number of shares adjusted for the dilutive effect of outstanding stock options. ESOP shares are only considered outstanding for earnings per share calculations when they are committed to be released.
Presented below are the calculations for the basic and diluted earnings per share:
| |
Three Months Ended June 30, 2000 |
Three Months Ended June 30, 1999 |
Six Months Ended June 30, 2000 |
Six Months Ended June 30, 1999 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Basic: | ||||||||||
| Net income | $ | 999,408 | 1,077,583 | 1,962,285 | 2,111,869 | |||||
| Weighted average shares outstanding |
|
|
4,377,411 |
|
6,066,897 |
|
4,455,257 |
|
6,314,191 |
|
| Basic earnings per share |
|
$ |
0.23 |
|
0.18 |
|
0.44 |
|
0.33 |
|
| Diluted: |
|
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| Net income |
|
$ |
999,408 |
|
1,077,583 |
|
1,962,285 |
|
2,111,869 |
|
| Weighted average shares outstanding |
|
|
4,377,411 |
|
6,066,897 |
|
4,455,257 |
|
6,314,191 |
|
| Effect of dilutive stock options outstanding | — | — | — | — | ||||||
| Diluted weighted average shares outstanding | 4,377,411 | 6,066,897 | 4,455,257 | 6,314,191 | ||||||
| Diluted earnings per share |
|
$ |
0.23 |
|
0.18 |
|
0.44 |
|
0.33 |
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