TELEBANC FINANCIAL CORPORATION
EXHIBIT 11
SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE
-----------------------------------------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
-------------------------------------
Years Ended December 31,
------------------------
1997 1996
---- ----
BASIC
-----
Net income for basic earnings per common share $ 3,671 $ 2,552
Weighted average number of common shares outstanding
during the year 2,191 2,050
Basic earnings per common share $ 1.68 $ 1.25
DILUTED
-------
Net income for diluted earngings per share $ 4,217 $ 2,552
Weighted average number of shares used in calculating
diluted earngings per share 2,191 2,050
Add incremental shares representing:
Dilutive shares issuable upon exercise of stock options
and warrants 642 153
--------- ----------
Weighted average number of shares used in calculating
fully diluted income per share 2,833 2,203
Fully diluted income per common share $ 1.49 $ 1.16