Washington Bancorp
Computation of Earnings per Common Share
Exhibit 11
For Three Months For Three Months
Ended March 31, Ended March 31,
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2000 1999 2000 1999 2000 1999 2000 1999
Basic Basic Diluted Diluted Basic Basic Diluted Diluted
EPS ESP EPS EPS EPS EPS EPS EPS
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Computation of weighted average
number of common shares outstanding:
Common shares outstanding at the
beginning of the period 651,133 651,133 651,133 651,133 651,133 651,133 651,133 651,133
Unleased common shares held by the
Employee Stock Ownership Plan (ESOP)
at the beginning of the period (35,718) (40,226) (35,718) (40,226) (37,972) (42,313) (37,972) (42,313)
Weighted average common shares released
by the ESOP during the period 609 564 609 564 1,736 1,607 1,736 1,607
Weighted average common shares out-
standing - Stock Option Plan - - - - 6,786 13,853 - - - - 9,179 14,927
Weighted average common shares into
treasury (74,261) (51,398) (74,261) (51,398) (60,182) (46,610) (60,182) (46,610)
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Total average shares outstanding 541,763 560,073 548,549 573,926 554,715 563,817 563,894 578,744
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Net income $285,278 $153,149 $285,278 $153,149 $786,554 $520,727 $786,554 $520,737
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Net income per share $ 0.53 $ 0.27 $ 0.52 $ 0.27 $ 1.42 $ 0.92 $ 1.39 $ 0.90
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