EXHIBIT 11.0
COMPUTATIONS OF EARNINGS PER SHARE
Three Months Ended
March 31, 2003
- --------------------------------------------------------------------------------
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
----------- ----------- ---------------
December 31, 2002 1,162,320 25,574 1,136,746
January 31, 2003 1,162,320 25,574 1,136,746
February 28, 2003 1,162,320 25,574 1,136,746
March 31, 2003 1,163,887 25,574 1,138,313
Weighted average number of shares outstanding for
the quarter ended March 31, 2003, for earnings
per share calculation 1,137,138
---------
Stock options outstanding at March 31, 2003: 150,209
-------
Exercise price of stock options: $9.39 per share
---------------
Average stock price for three-month period:
ended March 31, 2003 $12.77
------
Three Months Ended
------------------
March 31,
---------
Basic Earnings Per Share 2003 2002
- ------------------------ ---- ----
Income available to common stockholders $ 295,004 $ 369,741
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation $ 1,137,138 $ 1,123,979
=========== ===========
Basic Earnings Per Share $ .26 $ .33
=========== ===========
Diluted Earnings Per Share
- --------------------------
Income available to common stockholders $ 295,004 $ 369,741
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation 1,137,138 1,123,979
Weighted average common shares issued
under stock option plans 151,384 151,776
Less weighted average shares assumed
repurchased with proceeds (111,315) (125,052)
----------- -----------
Weighted average number of common shares
outstanding for diluted EPS calculation 1,177,207 1,150,703
=========== ===========
Diluted Earnings Per Share $ .25 $ .32
=========== ===========
COMPUTATIONS OF EARNINGS PER SHARE
Six Months Ended
March 31, 2003
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
September 30, 2002 1,162,320 25,574 1,136,746
October 31, 2002 1,162,320 25,574 1,136,746
November 30, 2002 1,162,320 25,574 1,136,746
December 31, 2002 1,162,320 25,574 1,136,746
January 31, 2003 1,162,320 25,574 1,136,746
February 28, 2003 1,162,320 25,574 1,136,746
March 31, 2003 1,163,887 25,574 1,138,313
Weighted average number of shares outstanding for
the six months ended March 31, 2003, for earnings
per share calculation 1,136,970
---------
Stock options outstanding at March 31, 2003: 150,209
-------
Exercise price of stock options: $9.39 per share
---------------
Average stock price for six-month period:
Ended March 31, 2003 $12.23
------
Six Months Ended
March 31,
Basic Earnings Per Share 2003 2002
- ------------------------ ---- ----
Income available to common stockholders $ 728,237 $ 1,022,907
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation 1,136,970 1,123,979
=========== ===========
Basic Earnings Per Share $ 0.64 $ 0.91
=========== ===========
Diluted Earnings Per Share
- --------------------------
Income available to common stockholders $ 728,237 $ 1,022,907
=========== ===========
Weighted average number of common shares
outstanding for basic EPS calculation 1,136,970 1,123,979
Weighted average common shares issued
under stock option plans 151,552 151,776
Less weighted average shares assumed
repurchased with proceeds (116,359) (138,676)
----------- -----------
Weighted average number of common shares
outstanding for diluted EPS calculation 1,172,163 1,137,079
=========== ===========
Diluted Earnings Per Share $ 0.62 $ 0.90
=========== ===========