EXHIBIT 11.0
COMPUTATIONS OF EARNINGS PER SHARE
Three Months Ended
March 31, 2002
- --------------------------------------------------------------------------------
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
----------- ----------- ---------------
December 31, 2001 1,162,320 38,341 1,123,979
January 31, 2002 1,162,320 38,341 1,123,979
February 28, 2002 1,162,320 38,341 1,123,979
March 31, 2002 1,162,320 38,341 1,123,979
Weighted average number of shares outstanding for
the quarter ended March 31, 2002, for earnings
per share calculation 1,123,979
Stock options outstanding at March 31, 2002: 151,776
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Weighted average exercise price of stock options: $9.39 per share
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Average stock price for three-month period:
ended March 31, 2002 $11.40
------
Three Months Ended
------------------
March 31,
---------
Basic Earnings Per Share 2002 2001
------------------------ ---- ----
Income available to common stockholders $ 369,741 $ 291,199
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation 1,123,979 1,110,416
=========== ===========
Basic Earnings Per Share $ 0.33 $ 0.26
=========== ===========
Diluted Earnings Per Share
Income available to common stockholders $ 369,741 $ 291,199
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation 1,123,979 1,110,416
Weighted average common shares issued
under stock option plans 151,776 151,776
Less weighted average shares assumed
repurchased with proceeds (125,052) (151,776)
-------- --------
Weighted average number of common shares
outstanding for diluted EPS calculation 1,150,703 1,110,416
=========== ===========
Diluted Earnings Per Share $ 0.32 $ 0.26
=========== ===========
COMPUTATIONS OF EARNINGS PER SHARE
Six Months Ended
March 31, 2002
- --------------------------------------------------------------------------------
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
----------- ----------- ---------------
September 30, 2001 1,162,320 38,341 1,123,979
October 31, 2001 1,162,320 38,341 1,123,979
November 30, 2001 1,162,320 38,341 1,123,979
December 31, 2001 1,162,320 38,341 1,123,979
January 31, 2002 1,162,320 38,341 1,123,979
February 28, 2002 1,162,320 38,341 1,123,979
March 31, 2002 1,162,320 38,341 1,123,979
Weighted average number of shares outstanding for
the six months ended March 31, 2002, for earnings
per share calculation 1,123,979
---------
Stock options outstanding at March 31, 2002: 151,776
-------
Exercise price of stock options: $9.39 per share
-------------------------------- ---------------
Average stock price for six-month period:
Ended March 31, 2002 $10.28
--- ---- ------
Six Months Ended
----------------
March 31,
---------
Basic Earnings Per Share 2002 2001
- ------------------------ ---- ----
Income available to common stockholders $1,022,907 $340,251
========== ========
Weighted average number of common shares
outstanding for basic EPS calculation 1,123,979 1,110,416
========= =========
Basic Earnings Per Share $0.91 $0.31
===== =====
Diluted Earnings Per Share
Income available to common stockholders $1,022,907 $340,251
========== ========
Weighted average number of common shares
outstanding for basic EPS calculation 1,123,979 1,110,416
Weighted average common shares issued
under stock option plans 151,776 4,500
Less weighted average shares assumed
repurchased with proceeds (138,676) (4,495)
-------- ------
Weighted average number of common shares
outstanding for diluted EPS calculation 1,137,079 1,110,421
========= =========
Diluted Earnings Per Share $0.90 $0.31
===== =====