Washington Bancorp
Computation of Earnings per Common Share
Exhibit 11
For three months ended December 31, For six months ended December 31,
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1997 1996 1997 1996 1997 1996 1997 1996
Basic Basic Diluted Diluted Basic Basic Diluted Diluted
EPS EPS 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 ............ 651,133 657,519 651,133 657,519 651,133 657,519 651,133 657,519
Unreleased common shares held by
the Employee Stock Ownership
Plan (the "ESOP') at the beginning
of the period ...................... (45,367) (49,349) (45,367) (49,349) (46,333) (50,433) (46,333) (50,433)
Weighted average common shares
released by the ESOP during
the period ......................... 483 542 483 542 966 1,084 966 1,084
Weighted average common shares
equivalent of dilutive effect of
stock options ...................... -- -- 17,779 2,244 -- -- 16,838 890
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Weighted average number of common
shares ............................. 606,249 608,712 624,028 610,956 605,766 608,170 622,604 609,060
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Net income ........................... $ 199,230 $ 194,749 $ 199,230 $ 194,749 $ 356,450 $ 165,387 $ 356,450 $ 165,387
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Net income per common share .......... $ 0.33 $ 0.32 $ 0.32 $ 0.32 $ 0.59 $ 0.27 $ 0.57 $ 0.27
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