EXHIBIT 11
Statement Regarding Computation of Per Share Earnings
Three and Six Months Ended December 31, 2003 and 2002
(Dollars in thousands, except per share amounts)
Three months ended Six months ended
December 31, December 31,
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2003 2002 2003 2002
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Net income ......................................... $ 2,881 $ 3,824 $ 6,254 $ 7,648
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Number of shares outstanding:
Weighted average shares issued ..................... 11,900,000 11,900,000 11,900,000 11,900,000
Less: Weighted average shares held in treasury ..... 5,021,429 4,714,030 5,031,834 4,640,016
Less: Average shares held by the ESOP .............. 952,000 952,000 952,000 952,000
Plus: ESOP shares released or committed to be
released during the fiscal year ......... 887,585 763,227 871,482 748,242
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Average basic shares ............................... 6,814,156 6,997,197 6,787,648 7,056,226
Plus: Average common stock equivalents ............. 429,788 529,501 452,181 533,515
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Average diluted shares ............................. 7,243,944 7,526,698 7,239,829 7,589,741
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Earnings per common share:
Basic ...................................... $ 0.42 $ 0.55 $ 0.92 $ 1.08
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Diluted .................................... $ 0.40 $ 0.51 $ 0.86 $ 1.01
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