Exhibit 11 - Computation of Earnings Per Common Share
HMN Financial, Inc.
Computation of Earnings Per Common Share
(Unaudited)
Computation of Earnings Per Common Share Three Months Ended March 31,
for Statements of Operations: 1997 1996
- --------------------------------------- ------------- ------------
Net income $ 1,474,480 1,586,691
--------- ---------
Weighted average number of common share
and common share equivalents:
Weighted average common shares
outstanding 3,757,694 4,717,775
Dilutive effect of stock option plans
after application of treasury stock
method 170,064 48,445
--------- ---------
3,927,758 4,766,220
--------- ---------
Earnings per common share and common
share equivalents $ 0.38 0.33
========= =========
Computation of Fully Diluted Earnings
Per Common Share and Common Share
Equivalents<1>
- --------------------------------------
Net income $ 1,474,480 1,586,691
--------- ---------
Weighted average number of common share and
common share equivalents:
Weighted average common shares
outstanding 3,757,694 4,717,775
Dilutive effect of stock option plans
after application of treasury stock
method 170,064 48,445
--------- ---------
3,927,758 4,766,220
--------- ---------
Earnings per common share and common
share equivalents $ 0.38 0.33
========= =========
<1> 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%.
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