Exhibit 11
Computation of Earnings (Losses) per Share
Earnings per share (EPS) for the three months and nine months ended
June 30, 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 June 30, 2003
Basic EPS
- ---------
Net income and income available to
common shareholders $ 273,129 873,971 $ 0.31
Extraordinary item (net of tax benefit of $146,221) 295,389 873,971 $ 0.34
----------
Basic EPS after extraordinary item $ 568,518 873,971 $ 0.65
- ----------------------------------
Diluted EPS
- -----------
Net income and income available to
common shareholders $ 273,129 873,971
Effect of dilutive securities, options, and warrants - 47,842
---------- -------
Diluted EPS before extraordinary item 273,129 921,813 $ 0.30
- -------------------------------------
Extraordinary item (net of tax benefit of $146,221) 295,389 921,813 $ 0.32
----------
Diluted EPS after extraordinary item $ 568,518 921,813 $ 0.62
- ------------------------------------
Three Months Ended June 30, 2002
Basic EPS
- ---------
Net income and income available to
common shareholders $ 427,557 873,431 $ 0.49
Extraordinary item - 873,431 $ 0.00
----------
Basic EPS after extraordinary item $ 427,557 873,431 $ 0.49
- ----------------------------------
Diluted EPS
- -----------
Net income and income available to
common shareholders $ 427,557 873,431
Effect of dilutive securities, options, and warrants - 53,659
---------- -------
Diluted EPS before extraordinary item 427,557 927,090 $ 0.46
- -------------------------------------
Extraordinary item - 927,090 $ 0.00
----------
Diluted EPS after extraordinary item $ 427,557 927,090 $ 0.46
- ------------------------------------
Nine Months Ended June 30, 2003
Basic EPS
- ---------
Net income and income available to
common shareholders $ 649,069 872,287 $ 0.74
Extraordinary item (net of tax benefit of $153,799) (276,959) 872,287 $(0.31)
----------
Basic EPS after extraordinary item $ 372,110 872,287 $(0.43)
- ----------------------------------
Diluted EPS
- -----------
Net income and income available to
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common shareholders $ 649,069 872,287
Effect of dilutive securities, options, and warrants - 48,691
---------- -------
Diluted EPS before extraordinary item 649,069 920,978 $ 0.70
- -------------------------------------
Extraordinary item (net of tax benefit of $153,799) (276,959) 920,978 $(0.30)
----------
Diluted EPS after extraordinary item $ 372,110 920,978 $ 0.40
- ------------------------------------
Nine Months Ended June 30, 2002
Basic EPS
- ---------
Net income and income available to
common shareholders $1,286,472 880,471 $ 1.46
Extraordinary item - 880,471 $ 0.00
----------
Basic EPS after extraordinary item $1,286,472 880,471 $ 1.46
- ----------------------------------
Diluted EPS
- -----------
Net income and income available to
common shareholders $1,286,472 880,471
Effect of dilutive securities, options, and warrants - 45,678
---------- -------
Diluted EPS before extraordinary item 1,286,472 926,149 $ 1.39
- -------------------------------------
Extraordinary item - 926,149 $ 0.00
----------
Diluted EPS after extraordinary item $1,286,472 926,149 $ 1.39
- ------------------------------------
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