Exhibit 11. Computation of Per Share Earnings
The following table sets forth the computation of basic and diluted earnings per common share for Hudson Valley Holding Corp. for each of the years indicated:
Year Ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
(000’s except share data) | ||||||||||||
Net income (loss) | $ | 29,181 | $ | (2,137 | ) | $ | 5,113 | |||||
Less: Dividends paid on and earnings allocated to participating securities | 116 | — | — | |||||||||
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Income (loss) attributable to common stock | $ | 29,065 | $ | (2,137 | ) | $ | 5,113 | |||||
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Weighted average common shares outstanding, including participating securities | 19,620,251 | 19,462,055 | 19,393,895 | |||||||||
Less: Weighted average participating securities | 81,957 | — | — | |||||||||
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Weighted average common shares outstanding | 19,538,294 | 19,462,055 | 19,393,895 | |||||||||
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Basic earnings (loss) per common share | $ | 1.49 | $ | (0.11 | ) | $ | 0.26 | |||||
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Income (loss) attributable to common stock | $ | 29,065 | $ | (2,137 | ) | $ | 5,113 | |||||
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Weighted average common shares outstanding | 19,538,294 | 19,462,055 | 19,393,895 | |||||||||
Weighted average common equivalent shares outstanding | 6,743 | — | 62,075 | |||||||||
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Weighted average common and equivalent shares outstanding | 19,545,037 | 19,462,055 | 19,455,971 | |||||||||
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Diluted earnings (loss) per common share | $ | 1.49 | $ | (0.11 | ) | $ | 0.26 | |||||
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(1) | 2010 share amounts adjusted for the effects of the 10 percent stock dividend in 2011. |