Quaker City Bancorp (QCBC) 10-Q 2003 Q1 Quarterly report

EXHIBIT 11.1

Quaker City Bancorp, Inc.
Computation of Earnings Per Share

		Three Months Ended September 30, 2002
A	Average common shares outstanding		6,448,741
B	Net earnings for period	$	5,635,000
	Basic earnings per share [ B / A ]	$	0.87
	Common share equivalents:
C	Average stock options outstanding		827,877
D	Average option exercise price	$	14.61
E	Exercise proceeds [ C x D ]	$	12,095,283
F	Tax benefit on non-qualified options	$	5,262,051
G	Total exercise proceeds [ E + F ]	$	17,357,334
H	Average market price in period	$	33.93
I	Shares repurchased at market price [ G / H ]		511,563
J	Increase in common shares [ C - I ]		316,314
K	Shares outstanding and equivalents [ A + J ]		6,765,055
L	Net earnings for period	$	5,635,000
	Diluted earnings per share [ L / K ]	$	0.83