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EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS (LOSS) PER SHARE - (UNAUDITED)
For the Three Months Ended For the Six Months Ended
March 31, March 31,
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(dollars in thousands except per
share amounts) 2004 2003 2004 2003
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Net earnings (loss) $ (1,269) $ 4 $ (1,561) $ 564
Effect of conversion of preferred 101 100 203 200
securities
Diluted earnings (loss) (1,168) 104 (1,358) 764
Weighted average common shares
outstanding 3,012,434 3,012,434 3,012,434 3,012,434
Effect of conversion of preferred
securities (1) 1,371,429 1,371,429 1,371,429 1,371,429
Common stock equivalents due to
dilutive effect of stock options (1) 38,469 31,958 39,062 28,257
Total weighted average common shares
and common share equivalents
outstanding (1) 4,422,332 4,415,821 4,422,925 4,412,120
Basic earnings (loss) per common share $(0.42) $0.00 $(0.52) $0.19
Diluted earnings (loss) per common
share $(0.42) $0.00 $(0.52) $0.17
(1) Effect of conversion of preferred securities and dilutive effect of stock options are not considered in the
calculation of earnings per share for the three and six months ended March 31, 2004 because the impact is
antidilutive.