HILLS BANCORPORATION EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE Three Months Ended Six Months Ended June 30, June 30, 1995 1994 1995 1994 Shares of common stock, beginning 487,622 487,622 487,622 487,622 Shares issued during this period - - - - - - - - Shares of common stock, ending 487,773 487,622 487,773 487,622 Weighted average number of shares 490,799 488,967 490,799 489,243 outstanding # Earnings and Earnings per share: Net income (in thousands) $ 1,166 $ 1,103 $ 2,383 $ 2,274 Earnings per common share $ 2.38 $ 2.25 $ 4.86 $ 4.65 # Computation of weighted average number of shares include equivalent shares attributable to stock options granted in 1993, computed under the treasury stock method.