EXHIBIT 11.1
MASSBANK CORP.
ended September 30, 2001 and 2000.
Three Months Ended Nine Months Ended
Calculation of Basic September 30, September 30,
Earnings Per Share 2001 2000 2001 2000
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Net Income $2,632,000 $2,697,000 $8,065,000 $8,242,000
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Average common shares outstanding 3,136,667 3,242,927 3,140,069 3,262,556
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (17,600) (26,400) (17,600) (26,400)
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Weighted average shares outstanding 3,119,067 3,216,527 3,122,469 3,236,156
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Earnings per share (in dollars) $ 0.84 $ 0.84 $ 2.58 $ 2.55
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Three Months Ended Nine Months Ended
Calculation of Diluted September 30, September 30,
Earnings Per Share 2001 2000 2001 2000
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Net Income $2,632,000 $2,697,000 $8,065,000 $8,242,000
---------- ---------- ---------- ----------
Average common shares outstanding 3,136,667 3,242,927 3,140,069 3,262,556
Less: Unallocated Employee Stock Ownership
Plan (ESOP) shares not committed
to be released (17,600) (26,400) (17,600) (26,400)
Diluted stock options 95,532 75,843 83,527 75,318
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Weighted average shares outstanding 3,214,599 3,292,370 3,205,996 3,311,474
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Earnings per share (in dollars) $ 0.82 $ 0.82 $ 2.52 $ 2.49
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