Exhibit 11 Statement of computation of earnings per share. 242 Statements re: Computation of Earnings Per Share Brenton Banks, Inc. December 31, 1996 1995 1994 Net income $14,015,430 $10,407,354 $10,107,387 Average common shares outstanding 8,223,543 8,440,493 8,679,515 Average shares under long-term stock compensation plan 88,877 87,660 67,538 Average common equivalent shares outstanding 8,312,420 8,528,153 8,747,053 Earnings per share $ 1.69 1.22 1.15 Note: Amounts are restated to reflect the 10% common stock dividend effective in 1996. 243