EXHIBIT 11
COMPUTATION OF NET INCOME PER SHARE
(Unaudited) (In thousands, except share data)
THREE MONTHS ENDED SIX MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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2005 2004 2005 2004
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EARNINGS PER COMMON SHARE - BASIC
Net income $ 601 $ 255 $ 1,442 $ 1,337
Preferred dividends -- (49) -- (98)
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Net income - basic $ 601 $ 206 $ 1,442 $ 1,239
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Weighted average common shares
outstanding - basic 2,510,477 2,291,761 2,505,469 2,288,190
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Earning per common share - basic $ 0.24 $ 0.09 $ 0.58 $ 0.54
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EARNINGS PER COMMON SHARE - DILUTED
Net income - basic $ 601 $ 206 $ 1,442 $ 1,239
Preferred dividends -- 49 -- 98
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Net income- diluted $ 601 $ 255 $ 1,442 $ 1,337
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Weighted average common shares
outstanding - basic 2,510,477 2,291,761 2,505,469 2,288,190
Effect of dilutive securities - convertible
preferred stock -- 208,333 -- 208,333
Effect of dilutive securities - options 62,679 89,018 65,070 97,017
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Weighted average shares
outstanding - diluted 2,573,156 2,589,112 2,570,539 2,593,540
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Earning per common share-diluted $ 0.23 $ 0.09 $ 0.56 $ 0.51
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