Washington Bancorp
Computation of Earnings per Common Share
Exhibit 11 For the three months For the six months
ended December 31, ended December 31,
1998 1997 1998 1997 1998 1997 1998 1997
Basic Basic Diluted Diluted Basic Basic Diluted Diluted
Computation of weighted average EPS EPS EPS EPS EPS EPS EPS EPS
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
Unreleased common shares held by
the Employee Stock Ownership
Plan (ESOP) at the beginning
of the period ......................... (41,270) (45,367) (41,270) (45,367) (42,313) (46,333) (42,313) (46,333)
Weighted average common shares
released by the ESOP during
the period ............................ 522 483 522 483 1,044 966 1,044 966
Weighted average common shares
outstanding - Stock Option
Plan .................................. -- -- 15,823 17,779 -- -- 16,517 16,838
Weighted average common shares
into treasury ......................... (53,127) -- (53,127) -- (44,269) -- (44,269) --
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Total average shares outstanding ............. 557,258 606,249 573,081 624,028 565,595 605,766 582,112 622,604
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Net income ................................... $172,425 $199,230 172,425 199,230 367,588 356,450 $367,588 $356,450
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Net income per share ......................... $ 0.31 $ 0.33 $ 0.30 $ 0.32 $ 0.65 $ 0.59 $ 0.63 $ 0.57
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