Quaker City Bancorp (QCBC) 10-Q 2003 Q2 Quarterly report

EXHIBIT 11.1

QUAKER CITY BANCORP, INC.
COMPUTATION OF EARNINGS PER SHARE

		Three Months Ended December 31, 2002		Six Months Ended December 31, 2002
A	Average common shares outstanding		6,289,638		6,369,189
B	Net earnings for period	$	5,604,000	$	11,239,000
	Basic earnings per share [ B / A ]	$	0.89	$	1.76
	Common share equivalents:
C	Average stock options outstanding		796,925		812,398
D	Average option exercise price	$	14.69	$	14.65
E	Exercise proceeds [ C x D ]	$	11,706,828	$	11,901,631
F	Tax benefit on non-qualified options	$	5,272,440	$	5,288,554
G	Total exercise proceeds [ E + F ]	$	16,979,268	$	17,190,185
H	Average market price in period	$	34.47	$	34.20
I	Shares repurchased at market price [ G / H ]		492,581		502,637
J	Increase in common shares [ C - I ]		304,344		309,761
K	Shares outstanding and equivalents [ A + J ]		6,593,982		6,678,950
L	Net earnings for period	$	5,604,000	$	11,239,000
	Diluted earnings per share [ L / K ]	$	0.85	$	1.68