Lake Sunapee Bank (LSBG) 10-Q 2004 Q2 Quarterly report

Exhibit 11.0

Computation of per Share Earnings

	Three Months Ended June 30,				Six Months Ended June 30,
	2004		2003		2004		2003
Net Income	$	1,279,071	$	1,473,972	$	2,933,000	$	2,710,737
Average shares outstanding		2,072,583		1,965,742		2,058,975		1,965,742
Basic earnings per share	$	0.62	$	0.75	$	1.42	$	1.38
Net Income	$	1,279,071	$	1,473,972	$	2,933,000	$	2,710,737
Average shares outstanding		2,072,583		1,965,742		2,058,975		1,965,742
Net effect of dilutive stock options		57,209		31,020		65,446		31,020
Adjusted shares outstanding		2,129,792		1,996,762		2,124,421		1,996,762
Basic earnings per share	$	0.60	$	0.74	$	1.38	$	1.36