Exhibit 11
WESTAMERICA BANCORPORATION
Computation of Earnings Per Share on Common and
Common Equivalent Shares and on Common Shares
Assuming Full Dilution
- -------------------------------------------------------------------------
For the three
months ended
June 30,
(In thousands, except per share data) 1999 1998
- -------------------------------------------------------------------------
Weighted average number of common
shares outstanding - basic 39,046 42,607
Add exercise of options
reduced by the number of
shares that could have
been purchased with the
proceeds of such exercise 628 728
- -------------------------------------------------------------------------
Weighted average number of common
shares outstanding - diluted 39,674 43,335
=========================================================================
Net income $18,869 $18,102
Basic earnings per share $0.48 $0.42
Diluted earnings per share $0.48 $0.42
- -------------------------------------------------------------------------
For the six
months ended
June 30,
(In thousands, except per share data) 1999 1998
- -------------------------------------------------------------------------
Weighted average number of common
shares outstanding - basic 39,337 42,673
Add exercise of options
reduced by the number of
shares that could have
been purchased with the
proceeds of such exercise 634 773
- -------------------------------------------------------------------------
Weighted average number of common
shares outstanding - diluted 39,971 43,446
=========================================================================
Net income $37,273 $36,198
Basic earnings per share $0.95 $0.85
Diluted earnings per share $0.93 $0.83