Colony Bankcorp (CBAN) 10-Q 2009 Q2 Quarterly report

EXHIBIT  11.1

STATEMENT OF COMPUTATION OF EARNINGS PER SHARE

	Three Months Ended					Three Months Ended
	June 30, 2009					June 30, 2008
			Earnings					Earnings
	Shares		Per Share			Shares		Per Share
	(in Thousands)					(in Thousands)
Basic Weighted Average Shares Outstanding		7,210	$	(0.94	)		7,198	$	0.04
Diluted
Average Shares Outstanding		7,210					7,198
Common Stock Equivalents		0					---
		7,210	$	(0.94	)		7,198	$	0.04

	Six Months Ended					Six Months Ended
	June 30, 2009					June 30, 2008
			Earnings					Earnings
	Shares		Per Share			Shares		Per Share
	(in Thousands)					(in Thousands)
Basic Weighted Average Shares Outstanding		7,206	$	(0.83	)		7,195	$	0.35
Diluted
Average Shares Outstanding		7,206					7,195
Common Stock Equivalents		0					---
		7,206	$	(0.83	)		7,195	$	0.35