EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS (LOSS) PER SHARE - (UNAUDITED)
For the Three Months Ended For the Nine Months Ended
June 30, June 30,
------------------------------- -------------------------------
(dollars in thousands except per share 2004 2003 2004 2003
amounts)
- ---------------------------------------- -------------- ------------- -------------- --------------
Net earnings (loss) $ 783 $ 440 $ (778) $1,004
Effect of conversion of preferred 101 100 304 300
securities
Diluted earnings (loss) 884 540 (474) 1,304
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) 30,011 30,059 36,355 28,839
Total weighted average common shares
and common share equivalents
outstanding (1) 4,413,874 4,413,922 4,420,218 4,412,702
Basic earnings (loss) per common share $0.26 $0.15 $(0.26) $ 0.33
Diluted earnings (loss) per common
share $0.20 $0.12 $(0.26) $ 0.30
(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 nine months ended June 30, 2004 because the impact is antidilutive.