HILLS BANCORPORATION EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE Three Months Ended Six Months Ended June 30 June 30 ----------------------------- ---------------------------- 1996 1995 1996 1995 ---------- --------- --------- --------- Shares of common stock, beginning ...................... 1,463,604 1,462,866 1,463,604 1,462,866 Shares issued during this period ................... 0 0 0 0 ---------- ---------- ---------- ---------- Shares of common stock, ending ......................... 1,463,604 1,462,866 1,463,604 1,462,866 ========== ========== ========== ========== Weighted average number of shares ...................... 1,474,643 1,472,397 1,476,216 1,472,397 outstanding # ========== ========== ========== ========== Earnings and Earnings per share: Net income (in thousands) .......................... $ 1,555 $ 1,166 $ 2,981 $ 2,383 ========== ========== ========== ========== Earnings per common share .......................... $ 1.05 $ .79 $ 2.02 $ 1.62 ========== ========== ========== ========== # Computation of weighted average number of shares include equivalent shares attributable to stock options granted in 1993, computed under the treasury stock method.