EXHIBIT 11
SIS BANCORP, INC. AND SUBSIDIARIES
COMPUTATION OF PRO FORMA PRIMARY AND FULLY DILUTED
EARNINGS PER SHARE
(In Thousands Except Per Share Amounts)
Three Months Ended Six Months Ended
June 30, June 30,
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1996 1995 1996 1995
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Primary:
Net income $ 3,044 $ 1,281 $ 5,449 $ 2,070
Weighted average and pro forma weighted
average shares outstanding during the period 5,574 5,562 5,568 5,562
Unearned ESOP shares (390) (445) (390) (445)
Stock options considered outstanding during the period 105 - 105 -
Restricted stock shares considered outstanding during the period 146 - 149 -
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Total shares 5,435 5,117 5,432 5,117
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Net income per share $ 0.56 $ 0.25 $ 1.00 $ 0.40
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Three Months Ended Six Months Ended
June 30, June 30,
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1996 1995 1996 1995
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Fully Diluted:
Net income $ 3,044 $ 1,281 $ 5,449 $ 2,070
Weighted average and pro forma weighted
average shares outstanding during the period 5,574 5,562 5,568 5,562
Unearned ESOP shares (390) (445) (390) (445)
Stock options considered outstanding during the period 120 9 119 5
Restricted stock shares considered outstanding during the period 146 4 149 2
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Total shares 5,450 5,130 5,446 5,124
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Net income per share $ 0.56 $ 0.25 $ 1.00 $ 0.40
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Net income per shares for the three and six months ended June 30, 1996 and the
three months ended June 30, 1995 is computed on weighted shares outstanding for
the period. Net income per share for the six months ended June 30, 1995 is
computed on a pro forma basis as if the stock issued in the conversion had been
issued as of the beginning of the period presented.
This computation includes the impact of the Restricted Stock Plan ("RSP") and
the Stock Option Plan which were approved by stockholders at the Annual Meeting
of the Stockholders held on May 31, 1995.