United Bancshares (UBOH) 10-Q 2002 Q2 Quarterly report

Exhibit 11

United Bancshares, Inc. and Subsidiaries

Computation of Earnings per Share

		For the three months				For the six months
		ended June 30,				ended June 30,
		2002		2001			2002		2001
Earnings per share - Basic
EARNINGS:
Net Income	$	681	$	865	$		5,038	$	1,252
Average Shares Outstanding:
Weighted average common shares outstanding		3,593,597		3,600,654			3,593,581		3,162,330
Before change in accounting principle	$	0.19	$	0.24	$		0.34	$	0.40
Change in accounting principle	$	-	$	-	$		1.06	$	-
After change in accounting principle	$	0.19 =======	$	0.24 ========	$		1.40 ========	$	0.40 ========
Earnings per share - Diluted
EARNINGS:
Net Income	$	681	$	865	$		5,038	$	1,252
Average Shares Outstanding:
Weighted average common shares outstanding		3,651,233		3,609,797			3,639,442		3,169,507
Before change in accounting principle	$	0.19	$	0.24	$		0.34	$	0.40
Change in accounting principle	$	-	$	-	$		1.05	$	-
After change in accounting principle	$	0.19 =======	$	0.24 =========	$		1.39 ========	$	0.40 ========