EXHIBIT 11
Computation of Net Income per Share of Common Stock
Three Months Ended September 30,
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1996 1995
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Net income $ 43,099 $ 801,458
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Primary:
Weighted average number of shares
outstanding during the period 2,134,105 2,136,547
Dilutive impact of unexercised
common stock options 21,383 45,689
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Weighted average number of shares
outstanding for the period 2,155,488 2,182,236
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Net income per share $ 0.02 $ 0.37
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Fully diluted:
Weighted average number of shares
outstanding during the period 2,134,105 2,136,547
Dilutive impact of unexercised
common stock options 28,712 45,689
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Weighted average number of shares
outstanding for the period 2,162,817 2,182,236
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Net income $ 0.02 $ 0.37
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND
Date: 10/29/96 BY: /S/ PATRICK J. COYNE
-------------------------------------
Patrick J. Coyne
Chairman of the Board
President and Chief Executive Officer
Date: 10/29/96 BY: /S/ WILLIAM C. MARSH
-------------------------------------
William C. Marsh
Executive Vice President
Chief Financial Officer
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