EXHIBIT 11
PALFED, INC.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
For the years ended December 31
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1995 1994 1993
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Weighted average shares outstanding 5,095,811 5,136,668 2,112,398
Stock options outstanding 184,233 186,000 136,000
Shares assumed repurchased (117,474) (152,946) (111,807)
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Average common and common equivalent
shares (1) 5,162,570 5,169,722 2,136,591
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(1) Stock options outstanding less shares assumed repurchased are common
equivalent shares.