HOMELAND BANKSHARES CORPORATION EXHIBIT 11
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------------------------------
1996 1995 1996 1995
---- ---- ---- ----
NET INCOME: $3,687,575 $3,233,904 $7,333,047 $6,309,905
========== ========== ========== ==========
PRIMARY EARNINGS PER SHARE:
Weighted average shares outstanding 5,728,219 5,738,713 5,734,015 5,738,713
Net effect of the assumed exercise of
stock options based on the treasury
stock method using average market
price 1,875 398 7,357 199
---------- ---------- ---------- ----------
5,730,094 5,739,111 5,741,372 5,738,912
========== ========== ========== ==========
Primary earnings per share $ .65 $ .56 $ 1.28 $ 1.10
========== ========== ========== ==========
FULLY DILUTED EARNINGS PER SHARE:
Weighted average shares outstanding 5,728,219 5,738,713 5,734,015 5,738,713
Net effect of the assumed exercise of
stock options based on the treasury
stock method using average market
price or market price at the end
of the period, whichever is higher 2,556 2,330 8,364 1,963
---------- ---------- ---------- ----------
5,730,775 5,741,043 5,742,379 5,740,676
========== ========== ========== ==========
Fully diluted earnings per share $ .65 $ .56 $ 1.28 $ 1.10
========== ========== ========== ==========