Exhibit 11
HMN Financial, Inc.
Computation of Earnings Per Common Share
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<CAPTION>
Three months ended Nine months ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Weighted average number of
common shares outstanding
used in basic earnings
per common share calculation 3,747,683 4,269,133 3,875,107 4,399,444
Net dilutive effect of:
Options 153,543 201,673 127,589 185,251
Restricted stock awards 1,035 13,630 2,064 20,019
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Weighted average number of
shares outstanding
adjusted for effect of
dilutive securities 3,902,261 4,484,436 4,004,760 4,604,714
========= ========= ========= =========
Income available to common
shareholders $ 1,703,442 1,414,960 5,113,295 4,813,307
Basic earnings per common share $0.45 0.35 1.32 1.09
Diluted earnings per common share $0.44 0.33 1.28 1.05
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