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COMPUTATION OF PER SHARE EARNINGS
Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding. Stock options are considered common stock equivalents for purposes of calculating diluted earnings per share.
| Pro Forma Year Ended December 31, | CPB Historical Data (1) Year Ended December 31, | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
Basic earnings per share computation Numerator: | ||||||||||||||||||||
Net income available to common stockholders | $ | 42,507 | $ | 33,283 | $ | 28,705 | $ | 19,434 | $ | 16,326 | $ | 15,069 | ||||||||
Denominator: | ||||||||||||||||||||
Weighted average common shares outstanding | 23,180 | 15, 931 | 16,410 | 17,834 | 19,260 | 20,708 | ||||||||||||||
Basic earnings per share | $ | 1.83 | $ | 2.09 | $ | 1.75 | $ | 1.09 | $ | 0.85 | $ | 0.73 | ||||||||
Diluted earnings per share computation | ||||||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income available to common stockholders | $ | 42,507 | $ | 33,283 | $ | 28,705 | $ | 19,434 | $ | 16,326 | $ | 15,069 | ||||||||
Denominator: | ||||||||||||||||||||
Weighted average common shares outstanding | 23,180 | 15,931 | 16,410 | 17,834 | 19,260 | 20,708 | ||||||||||||||
Incremental shares from conversion of options | 395 | 395 | 350 | 298 | 220 | 156 | ||||||||||||||
Weighted average diluted shares outstanding | 23,575 | 16,326 | 16,760 | 18,132 | 19,480 | 20,864 | ||||||||||||||
Diluted earnings per share | $ | 1.80 | $ | 2.04 | $ | 1.71 | $ | 1.07 | $ | 0.84 | $ | 0.72 | ||||||||
| CB Bancshares Historical Data (2) Year Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||
| (In thousands) | |||||||||||||||
Basic earnings per share computation | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income available to common stockholders | $ | 13,482 | $ | 6,150 | $ | 11,218 | $ | 306 | $ | 8,369 | ||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 3,867 | 3,841 | 3,898 | 4,191 | 4,298 | |||||||||||
Basic earnings per share | $ | 3.49 | $ | 1.60 | $ | 2.88 | $ | 0.07 | $ | 1.95 | ||||||
Diluted earnings per share computation | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income available to common stockholders | $ | 13,482 | $ | 6,150 | $ | 11,218 | $ | 306 | $ | 8,369 | ||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 3,867 | 3,841 | 3,898 | 4,191 | 4,298 | |||||||||||
Incremental shares from conversion of options | 68 | 51 | 2 | 8 | ||||||||||||
Weighted average diluted shares outstanding | 3,935 | 3,892 | 3,898 | 4,193 | 4,306 | |||||||||||
Diluted earnings per share | $ | 3.43 | $ | 1.58 | $ | 2.88 | $ | 0.07 | $ | 1.94 | ||||||
- (1)
- CPF historical data derived from information contained in CPF's Annual Report on Form 10-K for the year ended December 31, 2002, which is incorporated by reference herein.
- (2)
- CB Bancshares historical data derived from information contained in CB Bancshares' Annual Report on Form 10-K for the year ended December 31, 2002, which is incorporated by reference herein.