Exhibit 11
Computation of Earnings (Losses) per Share
Earnings per share (EPS) for the three months and six months ended
March 31, 2003 and 2002 have been calculated according to the guidelines of
FASB Statement 128. ESOP shares are only considered outstanding for
earnings per share calculations when they are committed to be released.
Reconciliation of the numerators and the denominators in the calculation of
basic and diluted earnings per share are as follows:
Income Shares Per Share
(Numerator) (Denominator) Amount
----------- ------------- ---------
<s> <c> <c> <c>
Three Months Ended March 31, 2003
Basic EPS
- ---------
Net income and income available to
common shareholders $ 822 872,249 $ 0.00
Extraordinary item (net of tax benefit of $300,200) (572,348) 872,249 $(0.66)
---------
Basic EPS after extraordinary item $(571,526) 872,249 $(0.66)
- ----------------------------------
Diluted EPS
- -----------
Net income and income available to
common shareholders $ 822 872,279
Effect of dilutive securities, options, and warrants - 50,309
--------- -------
Diluted EPS before extraordinary item 822 922,588 $ 0.00
- -------------------------------------
Extraordinary item (net of tax benefit of $300,200) (572,348) 922,588 $(0.62)
---------
Diluted EPS after extraordinary item $(571,526) 922,588 $(0.62)
- ------------------------------------
Three Months Ended March 31, 2002
Basic EPS
- ---------
Net income and income available to
common shareholders $ 392,247 875,806 $ 0.45
Extraordinary item (net of tax benefit of $300,200) - 875,806 $ 0.00
---------
Basic EPS after extraordinary item $ 392,247 875,806 $ 0.45
- ----------------------------------
Diluted EPS
- -----------
Net income and income available to
common shareholders $ 392,247 875,806
Effect of dilutive securities, options, and warrants - 42,748
--------- -------
Diluted EPS before extraordinary item 392,247 918,554 $ 0.43
- -------------------------------------
Extraordinary item - 918,554 $ 0.00
---------
Diluted EPS after extraordinary item $ 392,247 918,554 $ 0.43
- ------------------------------------
Six Months Ended March 31, 2003
Basic EPS
- ---------
Net income and income available to
common shareholders $ 375,940 871,445 $ 0.43
Extraordinary item (net of tax benefit of $300,200) (572,348) 871,445 $(0.66)
---------
Basic EPS after extraordinary item $(196,408) 871,445 $(0.23)
- ----------------------------------
22
Diluted EPS
- ------------
Net income and income available to
common shareholders $ 375,940 871,445
Effect of dilutive securities, options, and warrants - 49,116
--------- -------
Diluted EPS before extraordinary item 375,940 920,561 $ 0.41
- -------------------------------------
Extraordinary item (net of tax benefit of $300,200) (572,348) 920,561 $(0.62)
---------
Diluted EPS after extraordinary item $(196,408) 920,561 $(0.21)
- ------------------------------------
Six Months Ended March 31, 2002
Basic EPS
- ---------
Net income and income available to
common shareholders $ 858,915 883,990 $ 0.97
Extraordinary item - 883,990 $ 0.00
---------
Basic EPS after extraordinary item $ 858,915 883,990 $ 0.97
Diluted EPS
- -----------
Net income and income available to
common shareholders $ 858,915 883,990
Effect of dilutive securities, options, and warrants - 37,188
--------- -------
Diluted EPS before extraordinary item 858,915 921,178 $ 0.93
- -------------------------------------
Extraordinary item - 921,178
---------
Diluted EPS after extraordinary item $ 858,915 921,178 $ 0.93
- ------------------------------------
23