EXHIBIT 11 - Computation of Earnings per Common Share
HMN Financial, Inc.
Computation of Earnings Per Common Share
(Unaudited)
Three months ended Six Months ended
June 30, June 30,
1999 1998 1999 1998
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Weighted average number of
common shares outstanding
used in basic earnings per
common share calculation 4,442,471 5,051,205 4,465,679 5,248,262
Net dilutive effect of:
Options 167,858 379,759 177,041 391,398
Restricted stock awards 20,019 54,197 23,267 57,773
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Weighted average number of
shares outstanding adjusted
for effect of dilutive
securities 4,630,348 5,485,161 4,665,987 5,697,433
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Income available to common
shareholders $ 1,716,347 784,030 3,318,347 2,447,385
Basic earnings per
common share $ 0.39 0.16 0.74 0.47
Diluted earnings per
common share $ 0.37 0.14 0.71 0.43
The earnings per share calculations reflected above are presented as if the
split had been completed at the beginning of each period presented for the
weighted average number of shares outstanding for each period.