EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE
FOR THREE AND NINE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(Unaudited)
(In thousands, except share data)
THREE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
--------------------------------- --------------------------
2004 2003 2004 2003
---------------- ---------------- ------------ -------------
Earnings per common share - basic
- ---------------------------------
Net income $920 $1,236 $2,257 $3,749
Preferred dividends (16) (49) (114) (148)
---------------- ---------------- ------------ -------------
Net income - basic $904 $1,187 $2,143 $3,601
---------------- ---------------- ------------ -------------
Weighted average common shares
outstanding - basic 2,462,750 2,282,369 2,346,588 2,284,066
---------------- ---------------- ------------ -------------
Earning per common share - basic $0.37 $0.52 $0.91 $1.58
================ ================ ============ =============
Earnings per common share - diluted
- -----------------------------------
Net income - basic $904 $1,187 $2,143 $3,601
Preferred dividends 16 49 114 148
---------------- ---------------- ------------ -------------
Net income- diluted $920 $1,236 $2,257 $3,749
---------------- ---------------- ============ =============
Weighted average common shares
outstanding - basic 2,462,750 2,282,369 2,346,588 2,284,066
Effect of dilutive securities - convertible
preferred stock 33,967 208,333 150,000 208,333
Effect of dilutive securities - options 90,770 112,358 94,065 86,598
---------------- ---------------- ------------ -------------
Weighted average shares
outstanding - diluted 2,587,487 2,603,060 2,590,653 2,578,997
---------------- ---------------- ============ =============
Earning per common share-diluted $0.36 $0.47 $0.87 $1.45
================ ================ ============ =============
E-1