1
Exhibit No. 11. Statement re: Computation of Per Share Earnings for the three
months ended March 31, 1996 and 1995.(1)
THREE MONTHS ENDED
MARCH 31,
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1996 1995
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(IN THOUSANDS EXCEPT
PER SHARE DATA)
Net income $319 $370
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Weighted average shares outstanding 3,157 3,306
Common stock equivalents due to dilutive
effect of stock options - -
Total weighted average common shares
and equivalents outstanding 3,157 3,306
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Primary earnings per share $0.10 $0.07
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Total weighted average common shares
and equivalents outstanding 3,157 3,306
Additional dilutive shares using the end
of period market value versus the
average market value when applying
the treasury stock method(2) N/A N/A
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Total weighted average common shares
and equivalents outstanding for fully
diluted computation 3,157 3,306
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Fully diluted earnings per share $0.10 $0.07
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(1)The Company's common stock was issued February 14, 1995 in connection with
the Conversion of Watsonville Federal Savings and Loan Association from
mutual to stock form. Net income and common shares outstanding for the period
from February 15, 1995 to March 31, 1995 were used to compute net income per
share for the three months ended March 31, 1995.
(2)Fully dilutive earnings per share do not result in dilution of three percent
or more or are anti-dilutive and are, therefore, not separately presented in
the consolidated statements of operations.