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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. All earnings per share data for CB Bancshares are adjusted to reflect the 10% stock dividend paid on June 27, 2003.
| Pro Forma(1) | CPF Historical Data(2) | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended June 30, | Year Ended December 31, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||
| 2003 | 2002 | 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
Basic earnings per share computation | |||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income available to common stockholders | $ | $ | 41,965 | $ | $ | 15,214 | $ | 33,283 | $ | 28,705 | $ | 19,434 | $ | 16,326 | $ | 15,069 | |||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average common shares outstanding | 22,952 | 15,903 | 15,931 | 16,410 | 17,834 | 19,260 | 20,708 | ||||||||||||||||||||||
Basic earnings per share | $ | $ | 1.83 | $ | $ | 0.96 | $ | 2.09 | $ | 1.75 | $ | 1.09 | $ | 0.85 | $ | 0.73 | |||||||||||||
Diluted earnings per share computation | |||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income available to common stockholders | $ | $ | 41,965 | $ | $ | 15,214 | $ | 33,283 | $ | 28,705 | $ | 19,434 | $ | 16,326 | $ | 15,069 | |||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average common shares outstanding | 22,952 | 15,903 | 15,931 | 16,410 | 17,834 | 19,260 | 20,708 | ||||||||||||||||||||||
Incremental shares from conversion of options | 395 | 356 | 395 | 350 | 298 | 220 | 156 | ||||||||||||||||||||||
Weighted average diluted shares outstanding | 23,347 | 16,259 | 16,326 | 16,760 | 18,132 | 19,480 | 20,864 | ||||||||||||||||||||||
Diluted earnings per share | $ | $ | 1.80 | $ | $ | 0.94 | $ | 2.04 | $ | 1.71 | $ | 1.07 | $ | 0.84 | $ | 0.72 | |||||||||||||
- (1)
- Pro Forma data reflect CB Bancshares historical data, which is adjusted to reflect the 10% stock dividend paid on June 27, 2003, and CPF historical data, adjusted to give effect to the exchange offer and the proposed merger.
- (2)
- CPF historical data derived from information contained in CPF's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2003 and Annual Report on Form 10-K for the fiscal year ended December 31, 2002, which are incorporated by reference into this registration statement.
| CB Bancshares Historical Data(3) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||
| 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
Basic earnings per share computation | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income available to common stockholders | $ | $ | 7,157 | $ | 13,482 | $ | 6,150 | $ | 11,218 | $ | 306 | $ | 8,369 | ||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding | 4,225 | 4,254 | 4,225 | 4,288 | 4,576 | 4,728 | |||||||||||||||||
Basic earnings per share | $ | $ | 1.69 | $ | 3.17 | $ | 1.46 | $ | 2.62 | $ | 0.07 | $ | 1.77 | ||||||||||
Diluted earnings per share computation | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income available to common stockholders | $ | $ | 7,157 | $ | 13,482 | $ | 6,150 | $ | 11,218 | $ | 306 | $ | 8,369 | ||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding | 4,225 | 4,254 | 4,225 | 4,288 | 4,576 | 4,728 | |||||||||||||||||
Incremental shares from conversion of options | 76 | 75 | 56 | — | 1 | 9 | |||||||||||||||||
Weighted average diluted shares outstanding | 4,301 | 4,329 | 4,281 | 4,288 | 4,577 | 4,737 | |||||||||||||||||
Diluted earnings per share | $ | $ | 1.66 | $ | 3.12 | $ | 1.44 | $ | 2.62 | $ | 0.07 | $ | 1.77 | ||||||||||
- (3)
- CB Bancshares historical data derived from information contained in CB Bancshares' Quarterly Reports on Form 10-Q for the quarterly periods ended March 31 and June 30, 2003 and Annual Report on Form 10-K for the fiscal year ended December 31, 2002, which are incorporated by reference into this registration statement. All earnings per share data and weighted average common shares outstanding data for CB Bancshares is adjusted to reflect the 10% stock dividend paid on June 27, 2003. Earnings per share data and weighted average common shares outstanding data for CB Bancshares for the years ended December 31, 2001, 2000, 1999 and 1998 is also adjusted to reflect the 10% stock dividend paid in 2002, and earnings per share data and weighted average common shares outstanding data for CB Bancshares for the years ended December 31, 2000, 1999 and 1998 is also adjusted to reflect the 10% stock dividend paid in 2001.