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Exhibit 11:
Statement re: Computation of Per Share Earnings
Earnings per share ("EPS") are calculated on a Basic EPS and Diluted EPS
basis. Basic EPS excludes dilution and is computed by dividing income
available to common shareholders (the numerator) by the weighted-average
number of common shares outstanding (the denominator) during the period.
Income available to common shareholders is Net Income in the table below and
as reported in Bancorp's income statement. No adjustments were required to
net income for any EPS calculations.
Diluted EPS is calculated by adjusting the denominator for all dilutive
potential common shares that were outstanding during the period. Bancorp had
stock options outstanding during the periods presented below which had a
dilutive effect on EPS. Therefore, the number of additional common shares
that would have been outstanding if the options had been exercised is added
to the denominator to arrive at the dilutive number of shares.
The calculations of earnings per share below are based on the weighted
average number of shares outstanding, including all common stock and common
stock equivalents in conformity with the instructions for Item 601 of
Regulation S-K.
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