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Exhibit 11
WESTAMERICA BANCORPORATION
Computation of Earnings Per Share on Common and
Common Equivalent Shares and on Common Shares
Assuming Full Dilution
Common Equivalent Shares and on Common Shares
Assuming Full Dilution
(In thousands, except per share data) | 2004 | 2003 | 2002 | |||||||||
Weighted average number of common shares outstanding — basic | 31,821 | 32,849 | 33,686 | |||||||||
Add exercise of options reduced by the number of shares that could have been purchased with the proceeds of such exercise | 640 | 520 | 539 | |||||||||
Weighted average number of common shares outstanding — diluted | 32,461 | 33,269 | 34,225 | |||||||||
Net income | $ | 95,218 | $ | 95,063 | $ | 87,138 | ||||||
Basic earnings per share | $ | 2.99 | $ | 2.89 | $ | 2.59 | ||||||
Diluted earnings per share | 2.93 | 2.85 | 2.55 | |||||||||