EXHIBIT 11
CATSKILL FINANCIAL CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(In thousands, except share and per share data)
Three Months Ended Sept 30, Year Ended Sept 30,
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1998 1997 1998 1997
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Net income per common share - basic
Net income applicable to common shares .............. $ 978 $ 949 $ 3,882 $ 3,907
Weighted average common shares outstanding .......... 3,851,094 4,262,551 4,066,971 4,629,697
Net income per common share - basic ................. $ .25 $ .22 $ .95 $ .84
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Net income per common share - diluted
Net income applicable to common shares .............. $ 978 $ 949 $ 3,882 $ 3,907
Weighted average common shares outstanding .......... 3,851,094 4,262,551 4,066,971 4,629,697
Dilutive common stock options (1) ................... 95,618 129,772 120,762 71,731
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Weighted average common shares and
common share equivalents outstanding .......... 3,946,712 4,392,323 4,187,733 4,701,428
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Net income per common share - diluted ............... $ .25 $ .22 $ .93 $ .83
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(1) Dilutive common stock options (includes granted, but unvested, restricted
stock under the Company's MRP plan and options granted, but unexercised, under
its stock option plan) are based on the treasury stock method using average
market price. The treasury stock method recognizes the use of assumed proceeds
upon the exercise of options, and the amount of unearned compensation attributed
to future services under the Company's restricted stock plan, including any tax
benefits, to purchase the Company's common stock at the average market price
during the period.