Exhibit 11
Computation of Earnings Per Common Share
26
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
June 30,
1996 1995
- ---------------------------------------- ---------- ----------
Net income $ 1,533,084 1,405,472
---------- ----------
Weighted average number of common
share and common share equivalents:
Weighted average common shares
outstanding 4,524,242 5,234,242
Dilutive effect of stock option
plans after application of
treasury stock method 56,550
--------- ----------
4,580,792 5,234,242
--------- ----------
Earnings per common share and
common share equivalents $ 0.34 0.27
========= ==========
Computation of Fully Diluted Earnings Per
Common Share and Common Share Equivalent<F1>
- -----------------------------------------
Net income $ 1,533,084 1,405,472
--------- ----------
Weighted average number of common share
and common share equivalents:
Weighted average common shares
outstanding 4,524,242 5,234,242
Dilutive effect of stock option plans
after application of treasury
stock method 76,734
--------- ---------
4,600,976 5,234,242
--------- ---------
Earnings per common share and
common share equivalents $ 0.33 0.27
========= =========
Computation of Earnings Per Six Months Ended
Common Share for Statements June 30,
of Operations: 1996 1995
- --------------------------------------- ---------- ---------
Net income 3,119,775 2,768,897
---------- ----------
Weighted average number of common
share and common share equivalents:
Weighted average common shares
outstanding 4,621,008 5,348,554
Dilutive effect of stock option plans
after application of treasury
stock method 52,498
---------- ----------
4,673,506 5,348,554
---------- ----------
Earnings per common share and
common share equivalents 0.67 0.52
========== ==========
Computation of Fully Diluted Earnings Per
Common Share and Common Share Equivalent<F1>
- ----------------------------------------
Net income 3,119,775 2,768,897
--------- ---------
Weighted average number of common share
and common share equivalents:
Weighted average common shares
outstanding 4,621,008 5,348,554
Dilutive effect of stock option plans
after application of treasury
stock method 76,734
--------- ---------
4,697,742 5,348,554
--------- ---------
Earnings per common share and
common share equivalents 0.66 0.52
========= =========
<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>