Hector Communications 10-Q 2005 Q2 Quarterly report

EXHIBIT 11

HECTOR COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CALCULATION OF EARNINGS PER SHARE

	Three Months Ended June 30				Six Months Ended June 30
	2005		2004		2005		2004
Basic:
Net income	$	1,492,813	$	954,319	$	2,878,875	$	2,147,884
Common shares:
Weighted average number of common shares outstanding	3,771,981		3,627,540		3,753,330		3,589,693
Net income per common share:	$	.40	$	.26	$	.77	$	.60
Diluted:
Net income	$	1,492,813	$	954,319	$	2,878,875	$	2,147,884
Common and common equivalent shares:
Weighted average number of common shares outstanding	3,771,981		3,627,540		3,753,330		3,589,693
Dilutive effect of convertible preferred shares outstanding	148,914		217,676		152,761		218,888
Dilutive effect of stock options outstanding after application of treasury stock method	144,278		147,410		136,790		115,620
Dilutive effect of Employee Stock
Purchase Plan shares subscribed	1,869		4,806		1,687		3,965
	4,067,042		3,997,432		4,044,568		3,928,166
Diluted net income per share	$	.37	$	.24	$	.71	$	.55