EXHIBIT 11.3 EARNINGS PER SHARE Nine Months Ended Three Months Ended Amounts in thousands, September 30, September 30, except per share data 1998 1997 1998 1997 ---- ---- ---- ---- Net Income $3,810 $3,871 $1,213 $1,677 Weighted average common shares, including shares issued for exercised options 2,386 2,401 2,382 2,416 Average shares committed to be released under the ESOP 7 7 2 2 ----- ---- ---- ---- Weighted average shares - basic 2,393 2,408 2,384 2,418 Weighted average effect of: Shares contingently issuable under executive compensation plans 7 3 9 3 Shares issuable for assumed exercise of outstanding stock options 257 257 250 279 Share repurchasable using the proceeds of assumed exercise of stock options (105) (152) (93) (149) ----- ----- ----- ----- Weighted average shares - assuming dilution 2,552 2,516 2,550 2,551 ===== ===== ===== ===== Earnings per share: Basic $1.59 $1.60 $0.51 $0.69 Assuming dilution $1.49 $1.54 $0.48 $0.66