Exhibit 11
HMN Financial, Inc.
Computation of Earnings Per Common Share
<TABLE>
<CAPTION>
Three months Six Months
ended June 30, ended June 30,
2000 1999 2000 1999
------------------------ -------------------------
<S> <C> <C> <C> <C>
Weighted average number
of common shares
outstanding used in
basic earnings per
common share
calculation 3,881,190 4,422,471 3,939,614 4,465,679
Net dilutive effect of:
Options 114,259 167,858 114,612 177,041
Restricted stock awards 1,881 20,019 2,584 23,267
Weighted average number
of shares outstanding
adjusted for effect of
dilutive securities 3,997,330 4,610,348 4,056,810 4,665,987
Income available to
common shareholders $ 1,880,139 1,716,347 3,409,853 3,318,347
Basic earnings per
common share $ 0.48 0.39 0.87 0.74
Diluted earnings
per common share $ 0.47 0.37 0.84 0.71
</TABLE>
