EXHIBIT 11.0
Computation of Earnings Per Share
WEST ESSEX BANCORP, INC.
STATEMENT REGARDING COMPUTATION OF
EARNINGS PER SHARE FOR THE YEARS ENDED
December 31, 1999 and December 31, 1998
(Dollars in Thousands, Except Per Share Amounts)
For the Calendar Year
--------------------------
1999 1998 (1)
---------- ----------
Basic:
Net income ................................ $3,043,349 $1,397,300
Net income applicable to common stock ..... $3,043,349 $1,397,300
Average common shares
outstanding - basic .................. 4,004,069 4,062,395
Basic earnings per share .................. $ 0.76 $ 0.34
Diluted:
Net income ................................ $3,043,349 $1,397,300
---------- ----------
Average common shares outstanding - basic . 4,004,069 4,062,395
Effect of dilutive securities ............. 3,682 --
---------- ----------
Average common shares outstanding - diluted 4,007,731 4,062,395
========== ==========
Diluted earnings per share ..................... $ 0.76 $ 0.34
========== ==========
- - ---------------------
(1) The registrant's initial public stock offering took place on October
2, 1998. Earnings per share is calculated based on net income for 1998
and the weighted average shares outstanding since October 2, 1998 as
if such shares had been outstanding the entire fiscal year.