Hills Bancorporation (HBIA) 10-K 2011 FY Annual report

EXHIBIT 11

HILLS BANCORPORATION						Exhibit 11
STATEMENT RE COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
	Year Ended December 31,
	2011		2010			2009
Shares of common stock, beginning		4,398,337		4,422,274			4,440,545
Shares of common stock, ending		4,759,818		4,398,337			4,422,274
Computation of weighted average number of basic and
diluted shares:
Common shares outstanding at the beginning of the year		4,398,337		4,422,274			4,440,545
Weighted average number of net shares issued (redeemed)		52,461		(14,984	)		(17,843	)
Weighted average shares outstanding (basic)		4,450,798		4,407,290			4,422,702
Weighted average of potential dilutive shares
attributable to stock options granted, computed under
the treasury stock method		7,724		10,968			12,812
Weighted average number of shares (diluted)		4,458,522		4,418,258			4,435,514
Net income (In Thousands)	$	26,777	$	23,316		$	15,985
Earnings per share:
Basic	$	6.02	$	5.29		$	3.61
Diluted	$	6.01	$	5.28		$	3.60
Dividends per common share	$	1.00	$	0.91		$	0.91

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