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Previous: INDEPENDENT BANK CORP /MI/, 10-Q, 2000-08-14 |
Next: INDEPENDENT BANK CORP /MI/, 10-Q, EX-27, 2000-08-14 |
<PAGE> 1
Exhibit 11
A reconciliation of basic and diluted earnings per share for the
three-month and six-month periods ending June 30 follows:
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
2000 1999 2000 1999
------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
Net income $ 4,636,000 $ 3,501,000 $ 9,122,000 $ 6,772,000
============= ============= ============ ============
Shares outstanding (Basic) (1) 11,204,000 11,398,000 11,198,000 11,374,000
Effect of dilutive securities - stock options 63,000 126,000 72,000 133,000
------------- ------------- ------------ ------------
Shares outstanding (Diluted) 11,267,000 11,524,000 11,270,000 11,507,000
============= ============= ============ ============
Net income per share
Basic $ .41 $ .31 $ .81 $ .60
Diluted .41 .30 .81 .59
</TABLE>
(1) Shares outstanding have been adjusted for a 5% stock dividend in 1999.
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