EXHIBIT 11.1
MASSBANK CORP.
Earnings Per Share
The following is a calculation of earnings per share for the three and six
months ended June 30, 200 six months ended June 30, 2001 and 2000.
Three Months Ended Six Months Ended
Calculation of Basic June 30, June 30,
Earnings Per Share 2001 2000 2001 2000
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Net Income $2,688,000 $2,717,000 $5,433,000 $5,545,000
Average common shares outstanding 3,133,520 3,255,432 3,141,798 3,272,478
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (17,600) (26,400) (17,600) (26,400)
Weighted average shares outstanding 3,115,920 3,229,032 3,124,198 3,246,078
Earnings per share (in dollars) $ 0.86 $ 0.84 $ 1.74 $ 1.71
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Three Months Ended Six Months Ended
Calculation of Diluted June 30, June 30,
Earnings Per Share 2001 2000 2001 2000
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Net Income $2,688,000 $2,717,000 $5,433,000 $5,545,000
Average common shares outstanding 3,133,520 3,255,432 3,141,798 3,272,478
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (17,600) (26,400) (17,600) (26,400)
Diluted stock options 80,988 75,872 77,425 75,054
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Weighted average shares outstanding 3,196,908 3,304,904 3,201,623 3,321,132
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Earnings per share (in dollars) $ 0.84 $ 0.82 $ 1.70 $ 1.67
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