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 Three Months Ended Six Months Ended
of Operations: June 30, June 30,
1997 1996 1997 1996
- ---------------------------- ---------- ----------- ----------- -----------
Net income $ 1,332,220 1,533,084 2,806,700 3,119,775
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Weighted average number of
common share and common
share equivalents:
Weighted average common
shares outstanding 3,730,435 4,524,242 3,743,989 4,621,008
Dilutive effect of stock
option plans after
application of treasury
stock method 184,867 56,550 177,466 52,498
---------- ----------- ----------- -----------
3,915,302 4,580,792 3,921,455 4,673,506
---------- ----------- ----------- -----------
Earnings per common share
and common share
equivalents $ 0.34 0.34 0.72 0.67
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Computation of Fully Diluted
Earnings Per Common Share and
Common Share Equivalent
- ----------------------------
Net income $ 1,332,220 1,533,084 2,806,700 3,119,775
---------- ----------- ----------- -----------
Weighted average number of
common share and common
share equivalents:
Weighted average common
shares outstanding 3,730,435 4,524,242 3,743,989 4,621,008
Dilutive effect of stock
option plans after
application of treasury
stock method 212,618 76,734 212,433 76,734
---------- ----------- ----------- -----------
3,943,053 4,600,976 3,956,422 4,697,742
---------- ----------- ----------- -----------
Fully diluted earnings per
common share and common
share equivalents $ 0.34 0.33 0.71 0.66
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