EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE
FOR THREE AND NINE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(Unaudited)
(In thousands, except share data)
THREE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
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2003 2002 2003 2002
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Earnings per common share - basic
- ---------------------------------
Net income $1,236 $947 $3,749 $2,757
Preferred dividends (49) (49) (148) (148)
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Net income - basic $1,187 $898 $3,601 $2,609
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Weighted average common shares
outstanding - basic 2,282,369 2,290,354 2,284,066 2,289,786
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Earning per common share - basic $0.52 $0.39 $1.58 $1.14
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Earnings per common share - diluted
- -----------------------------------
Net income - basic $1,187 $898 $3,601 $2,609
Preferred dividends 49 49 148 148
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Net income- diluted $1,236 $947 $3,749 $2,757
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Weighted average common shares
outstanding - basic 2,282,369 2,290,354 2,284,066 2,289,786
Effect of dilutive securities - convertible
preferred stock 208,333 208,333 208,333 208,333
Effect of dilutive securities - options 112,358 18,671 86,598 24,068
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Weighted average shares
outstanding - diluted 2,603,060 2,517,358 2,578,997 2,522,187
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Earning per common share-diluted $0.47 $0.38 $1.45 $1.09
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