Exhibit 11. Earnings per Share and Pro Forma Earnings per Share
Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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Primary:
Net income $10,201 $1,812 $15,650 $3,882
Weighted average and pro forma weighted
average shares outstanding during the period 5,596 5,562 5,577 5,562
Unearned ESOP shares (363) (418) (363) (436)
Stock options considered outstanding during the period 152 68 119 7
Restricted stock shares considered outstanding during the period 127 33 142 7
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Total shares 5,512 5,245 5,475 5,140
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Net income per share $1.85 $0.35 $2.86 $0.76
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Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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Fully Diluted:
Net income $10,201 $1,812 $15,650 $3,882
Weighted average and pro forma weighted
average shares outstanding during the period 5,596 5,562 5,577 5,562
Unearned ESOP shares (363) (418) (363) (436)
Stock options considered outstanding during the period 197 82 188 37
Restricted stock shares considered outstanding during the period 127 38 142 17
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Total shares 5,557 5,264 5,544 5,180
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Net income per share $1.84 $0.34 $2.82 $0.75
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Net income per share for the three and nine months ended September 30, 1996 and
the three months ended September 30, 1995 is computed on weighted shares
outstanding for the period. Net income per share for the nine months ended
September 30, 1995 is computed on a pro forma basis as if the stock issued in
the conversion from mutual to stock form 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.