Exhibit 11 - Computation of Earnings Per Common Share
HMN Financial, Inc.
Computation of Earnings Per Common Share
(Unaudited)
Computation of Earnings Per Common
Share for Statements of Operations: Three Months Ended
- - ----------------------------------- ------------------
March 31,
1996 1995
---------- ---------
Net income $1,586,691 1,363,425
---------- ---------
Weighted average number of common
share and common share equivalents:
Weighted average common
shares outstanding 4,717,775 5,464,135
Dilutive effect of stock option
plans after application
of treasury stock method 48,445 0
---------- ---------
4,766,220 5,464,135
---------- ---------
Earnings per common share and
common share equivalents $ 0.33 0.25
========== =========
Computation of Fully Diluted Earnings Per
Common Share and Common Share Equivalent<F1>
- - -------------------------------------------
Net income $1,586,691 1,363,425
---------- ---------
Weighted average number of common
share and common share equivalents:
Weighted average common
shares outstanding 4,717,775 5,464,135
Dilutive effect of stock option
plans after application of
treasury stock method 48,445 0
---------- ---------
4,766,220 5,464,135
---------- ---------
Earnings per common share and
common share equivalents $ 0.33 0.25
========== =========
<FN>
<F1>This calculation is submitted in accordance with Regulation
S-K Item 601(b)(11) although not required by footnote 2 of
paragraph 14 of APB Opinion No. 15 because it results in dilution
of less than 3%.
</FN>
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