Simpson Manufacturing (SSD) 10-Q 2003 Q3 Quarterly report

Exhibit 11

Simpson Manufacturing Co., Inc. and Subsidiaries
Computation of Earnings Per Common Share

(Unaudited)

Basic Earnings per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Weighted average number of common shares outstanding	24,677,648		24,500,445		24,621,404		24,445,550
Net income	$	18,557,490	$	16,715,142	$	47,263,999	$	41,336,683
Basic net income per share	$	0.75	$	0.68	$	1.92	$	1.69

Diluted Earnings per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Weighted average number of common shares outstanding	24,677,648		24,500,445		24,621,404		24,445,550
Shares issuable pursuant to employee stock option plans, less shares assumed repurchased at the average fair value during the period	439,454		307,020		386,988		332,296
Shares issuable pursuant to the independent director stock option plan, less shares assumed repurchased at the average fair value during the period	6,485		3,970		5,595		4,295
Number of shares for computation of diluted net income per share	25,123,587		24,811,435		25,013,987		24,782,141
Net income	$	18,557,490	$	16,715,142	$	47,263,999	$	41,336,683
Diluted net income per share	$	0.74	$	0.67	$	1.89	$	1.67

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