FIRST SHENANGO BANCORP, INC.
EXHIBIT 11
Statement Regarding Computation of Primary Earnings Per Share
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
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Weighted average common shares outstanding 2,343,098 2,343,098 2,343,098 2,343,098
Net effect of dilutive stock options 75,947 65,448 77,200 59,070
Average unallocated ESOP shares (74,850) (89,039) (74,940) (89,039)
Average MSBP shares in plan reserve (9,995) (9,012) (9,503) (9,012)
Weighted average treasury shares (46,559) (26,267) (40,340) (21,100)
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Common stock equivalents 2,287,641 2,284,228 2,295,515 2,283,017
================ =========== ============ ============
Net earnings $898,671 $737,681 $1,847,254 $1,434,812
================ =========== ============ ============
Per share amount $0.39 $0.32 $0.80 $0.63
================ =========== ============ ============
Earnings per share have been computed based on the treasury stock method in
using average market price for the common stock equivalents.
The Company accounts for the shares acquired by the Employee Stock Ownership
Plan ("ESOP") in accordance with Statement of Position 93-6; shares controlled
by the ESOP are not considered in the weighted average shares outstanding until
the shares are committed for allocation.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST SHENANGO BANCORP, INC.
Date: August 1, 1996 By: /S/ Francis A. Bonadio
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FRANCIS A. BONADIO
President and Chief Executive Officer
Date: August 1, 1996 By: /S/ Lonny D. Robinson
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LONNY D. ROBINSON
Vice President and Chief Financial Officer
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