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Previous: INDEPENDENT BANK CORP /MI/, 10-Q, 2000-11-13 |
Next: INDEPENDENT BANK CORP /MI/, 10-Q, EX-27, 2000-11-13 |
<PAGE> 1
EXHIBIT 11
A reconciliation of basic and diluted earnings per share for the
three-month and nine-month periods ending September 30 follows:
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net income (loss) $ 5,459,000 $(1,179,000) $14,581,000 $ 5,593,000
=========== =========== =========== ===========
Shares outstanding (Basic) (1) 11,756,000 11,999,000 11,757,000 11,962,000
Effect of dilutive securities - stock options 110,000 138,000 87,000 138,000
----------- ----------- ----------- -----------
Shares outstanding (Diluted) 11,866,000 12,137,000 11,844,000 12,100,000
=========== =========== =========== ===========
Net income (loss) per share
Basic $ .46 $ (.10) $ 1.24 $ .47
Diluted .46 (.10) 1.23 .46
(1) Shares outstanding have been adjusted for a 5% stock dividend in 2000.
</TABLE>
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