Exhibit 11 HILLS BANCORPORATION EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE Three months ended March 31, 2003 and 2002 2003 2002 ---------------------- Weighted average number of shares outstanding (basic) 1,501,054 1,498,558 Weighted average of potential dilutive shares attributable to stock options granted computed under the treasury stock method ........... 13,408 12,879 ---------------------- Weighted average number of shares (diluted) .......... 1,514,462 1,511,437 ====================== Earnings Per Share: Net income (in thousands) ......................... $ 3,381 $ 2,623 ======================= Earnings per common share: Basic ........................................... $ 2.25 $ 1.75 Diluted ......................................... 2.23 1.74 1