EXHIBIT 11
PennFed Financial Services, Inc.
Statement Regarding Computation of Per Share Earnings
For the Years Ended June 30, 2003, 2002 and 2001
(Dollars in thousands, except per share amounts)
For the years ended June 30,
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2003 2002 2001
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Net income ...................................... $ 13,734 $ 14,583 $ 12,513
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Number of shares outstanding:
Weighted average shares issued ................ 11,900,000 11,900,000 11,900,000
Less: Weighted average shares held in treasury 4,764,775 4,383,643 3,891,390
Less: Average shares held by the ESOP ........ 952,000 952,000 952,000
Plus: ESOP shares released or committed to be
released during the fiscal year ... 778,008 661,256 552,611
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Average basic shares .......................... 6,961,233 7,225,613 7,609,221
Plus: Average common stock equivalents ....... 524,548 542,809 489,382
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Average diluted shares ........................ 7,485,781 7,768,422 8,098,603
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Earnings per common share:
Basic .................................. $ 1.97 $ 2.02 $ 1.64
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Diluted ................................ $ 1.83 $ 1.88 $ 1.55
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