EXHIBIT 11.0
COMPUTATION OF EARNINGS PER SHARE
Quarter Ended
June 30, 1996
_______________________________________________________________________________
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
------------ ----------- ---------------
March 31, 1996 1,193,568 88,148 1,105,420
April 30, 1996 1,133,890 88,148 1,045,742
May 31, 1996 1,133,890 88,148 1,045,742
June 30, 1996 1,133,890 88,148 1,045,742
Weighted average number of shares outstanding
for quarter ended June 30, 1996, for
earnings per share calculation (before effects
of dilution) 1,060,662
---------
Earnings Per Share Before
Effects of Dilution: = $212,360 (net income) / 1,060,662
= $ .20 per share
---------------
Stock options outstanding at June 30, 1996: 103,411
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Stock price for quarter: High: $15.75 Low: $14.50 Average: $14.953
------ ------ -------
Beginning: $14.813 Ending: $14.50
------- ------
Exercise price of stock options: $ 14.125 per share
------------------
The potential dilution from stock options is less than 20% of the number
of common shares outstanding and the market price of the common stock exceeded
the exercise price for all three months of the quarter. Therefore, the treasury
stock method was used for calculating the dilutive effects of the common stock
equivalents (stock options).
Primary Earnings Per Share
- - --------------------------
Under the treasury stock method, for primary earnings per share, it is
assumed that all of the outstanding options are exercised at their exercise
price and the cash proceeds received by the Company are used to purchase
treasury shares at the average market price of the common stock for the quarter.
The difference in the number of shares that could be purchased under this
assumption and the total number of stock options is added to the weighted
average number of shares outstanding for the quarter to calculate "Earnings Per
Common Share and Common Stock Equivalents".
Additional shares to be added
to common shares outstanding = 103,411 - [( 103,411 * $14.125) / $14.953]
= 103,411 - 97,685
= 5,726 shares
-----
Primary Earnings Per Share = $212,360 (net income) / (1,060,662 + 5,726)
= $212,360 / 1,066,388
= $.20 per share
--------------
Fully Diluted Earnings Per Share
- - --------------------------------
Under the treasury stock method, for fully diluted earnings per share,
it is assumed that all of the outstanding options are exercised at their
exercise price and the cash proceeds received by the Company are used to
purchase treasury shares at the ending market price of the common stock for the
quarter. The difference in the number of shares that could be purchased under
this assumption and the total number of stock options is added to the weighted
average number of shares outstanding for the quarter to calculate "Earnings Per
Common Share Assuming Full Dilution".
Additional shares to be added
to common shares outstanding = 103,411 - [( 103,411 * $14.125) / $14.50]
= 103,411 - 100,737
= 2,674 shares
-----
Fully Diluted Earnings Per Share = $212,360 (net income) / (1,060,662 + 2,674)
= $212,360 / 1,063,336
= $.20 per share
--------------
The dilution in earnings per share from all potential dilution is less
than 3% [ $ .20 per share assuming no dilution compared to $ .20 per share
assuming full dilution]. Therefore, the effects of dilution are considered not
material and only a single earnings per share is presented in the income
statement -"Earnings Per Common Share".
COMPUTATION OF EARNINGS PER SHARE
Nine Months Ended
June 30, 1996
________________________________________________________________________________
Less
Total Shares Unallocated Shares Used For
Outstanding ESOP Shares EPS Calculation
------------ ----------- ---------------
September 30, 1995 1,256,387 88,148 1,168,239
October 31, 1995 1,256,387 88,148 1,168,239
November 30, 1995 1,256,387 88,148 1,168,239
December 31, 1995 1,193,568 88,148 1,105,420
January 31, 1996 1,193,568 88,148 1,105,420
February 29, 1996 1,193,568 88,148 1,105,420
March 31, 1996 1,193,568 88,148 1,105,420
April 30, 1996 1,133,890 88,148 1,045,742
May 31, 1996 1,133,890 88,148 1,045,742
June 30, 1996 1,133,890 88,148 1,045,742
Weighted average number of shares outstanding
for the nine months ended June 30, 1996, for
earnings per share calculation (before effects
of dilution) 1,106,362
---------
Earnings Per Share Before
Effects of Dilution: = $668,149 (net income) / 1,106,362
= $ .60 per share
---------------
Stock options outstanding at June 30, 1996: 103,411
-------
Stock price for nine month period:
High: $17.00 Low: $14.50 Average: $15.493
------ ------ -------
Beginning: $15.50 Ending: $14.50
------ ------
Exercise price of stock options: $ 14.125 per share
------------------
The potential dilution from stock options is less than 20% of the number
of common shares outstanding and the market price of the common stock exceeded
the exercise price for all months of the period. Therefore, the treasury stock
method was used for calculating the dilutive effects of the common stock
equivalents (stock options).
Primary Earnings Per Share
- - --------------------------
Under the treasury stock method, for primary earnings per share, it is
assumed that all of the outstanding options are exercised at their exercise
price and the cash proceeds received by the Company are used to purchase
treasury shares at the average market price of the common stock for the quarter.
The difference in the number of shares that could be purchased under this
assumption and the total number of stock options is added to the weighted
average number of shares outstanding for the quarter to calculate "Earnings Per
Common Share and Common Stock Equivalents".
Additional shares to be added
to common shares outstanding = 103,411 - [( 103,411 * $14.125) / $15.493]
= 103,411 - 94,280
= 9,131 shares
-----
Primary Earnings Per Share = $668,149 (net income) / (1,106,362 + 9,131)
= $668,149 / 1,115,493
= $ .60 per share
---------------
Fully Diluted Earnings Per Share
- - --------------------------------
Under the treasury stock method, for fully diluted earnings per share,
it is assumed that all of the outstanding options are exercised at their
exercise price and the cash proceeds received by the Company are used to
purchase treasury shares at the ending market price of the common stock for the
quarter. The difference in the number of shares that could be purchased under
this assumption and the total number of stock options is added to the weighted
average number of shares outstanding for the quarter to calculate "Earnings Per
Common Share Assuming Full Dilution".
Additional shares to be added
to common shares outstanding = 103,411 - [( 103,411 * $14.125) / $14.50]
= 103,411 - 100,737
= 2,674 shares
-----
Fully Diluted Earnings Per Share = $668,149 (net income) / (1,106,362 + 2,674)
= $668,149 / 1,109,036
= $ .60 per share
---------------
The dilution in earnings per share from all potential dilution is less
than 3% [ $ .60 per share assuming no dilution compared to $ .60 per share
assuming full dilution]. Therefore, the effects of dilution are considered not
material and only a single earnings per share is presented in the income
statement - "Earnings Per Common Share".