Exhibit 11
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OCEAN FINANCIAL CORP.
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STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
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THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
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(dollars in thousands, except per share amounts)
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Three Months Ended Nine Months Ended
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September 30 September 30
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1997 1996 1997 1996
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Net income (loss) $ 3,540 $ (9,818) $ 10,345 $(4,669)
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Weighted average shares outstanding:
Weighted average shares outstanding 8,323,311 9,059,124 8,732,207 -
Less: Unallocated shares held by the ESOP (615,314) (671,046) (615,314) -
Plus: ESOP shares released or committed
to be released during the fiscal year 44,608 34,832 26,765 -
Plus: Common stock equivalents - dilutive
options 93,624 - 55,595 -
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Weighted average shares outstanding 7,846,229 8,422,910 8,199,253 N/A
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Earnings per share $ .45 (1.16) $ 1.26 N/A
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