Exhibit 11 HMN Financial, Inc. Computation of Earnings Per Common Share YEAR ENDED DECEMBER 31, --------------------------------------------- 1999 1998 1997 --------------------------------------------- Computation of Earnings Per Common Share: Weighted average number of common shares out- standing used in basic earnings per common share calculation........................................ 4,340,551 4,923,392 5,525,033 Net dilutive effect of: Options.................................................. 181,930 323,593 314,082 Restricted stock awards.................................. 16,828 51,141 76,151 ---------- --------- --------- Weighted average number of shares outstanding adjusted for effect of dilutive securities.............. 4,539,309 5,298,126 5,915,266 ---------- --------- --------- ---------- --------- --------- Income available to common shareholders.................. $6,390,991 4,057,680 5,578,866 Basic earnings per common share.......................... $ 1.47 0.82 1.01 Diluted earnings per common share........................ $ 1.41 0.77 0.94