COMMUNITY BANK SYSTEM, INC.
Statement re: Earnings Per Share Computation
Exhibit 11
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Primary Earnings Per Share:
Net Income $4,234,649 $3,792,234 $11,567,224 $10,455,053
Less: Accrued Dividends on
Preferred Stock 0 (101,250) (78,750) (303,750)
Income applicable
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to common stock $4,234,649 $3,690,984 $11,488,474 $10,151,303
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Weighted average number
of common shares 7,544,738 7,375,762 7,524,963 7,390,294
Add: Shares issuable from
assumed exercise of
incentive stock options 152,457 73,084 135,709 65,564
Weighted average number of
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common shares - adjusted 7,697,195 7,448,846 7,660,672 7,455,858
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Primary Earnings Per Share $0.55 $0.50 $1.50 $1.36
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Fully diluted Earnings Per Share:
Net income applicable
to common stock $4,234,649 $3,690,984 $11,488,474 $10,151,303
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Weighted average number of
common shares - adjusted 7,703,538 7,459,752 7,693,682 7,472,018
Add: Equivalent number of
common shares assuming
conversion of preferred 0 0 0 0
Weighted average number of
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common shares - adjusted 7,703,538 7,459,752 7,693,682 7,472,018
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Fully diluted earnings per share $0.55 $0.49 $1.49 $1.36
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