EXHIBIT 11

                        PennFed Financial Services, Inc.

              Statement Regarding Computation of Per Share Earnings

                For the Years Ended June 30, 2004, 2003 and 2002

                (Dollars in thousands, except per share amounts)



                                                                                     For the years ended June 30,
                                                                           ------------------------------------------------
                                                                               2004              2003               2002
                                                                           -----------        -----------       -----------
                                                                                                       
Net income ....................................................            $    12,058        $    13,734       $    14,583
                                                                           ===========        ===========       ===========

Number of shares outstanding:
 Weighted average shares issued ...............................             11,900,000         11,900,000        11,900,000
 Less: Weighted average shares held in treasury ...............              5,077,115          4,764,775         4,383,643
 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 ....................                903,513            778,008           661,256
                                                                           -----------        -----------       -----------
 Average basic shares .........................................              6,774,398          6,961,233         7,225,613
 Plus: Average common stock equivalents .......................                450,187            524,548           542,809
                                                                           -----------        -----------       -----------
 Average diluted shares .......................................              7,224,585          7,485,781         7,768,422
                                                                           ===========        ===========       ===========

Earnings per common share:
  Basic .......................................................            $      1.78        $      1.97       $      2.02
                                                                           ===========        ===========       ===========
  Diluted .....................................................            $      1.67        $      1.83       $      1.88
                                                                           ===========        ===========       ===========