MISSISSIPPI VIEW HOLDING COMPANY
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
For the Three Months For the Nine Months
Ended June 30, Ended June 30,
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1996 1995 1996 1995
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Net Income.......................................... $ 196,141 $ 201,608 $ 627,319 $ 550,078
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Add: Pro Forma Income From
Net Proceeds of Stock Conversion(1)............... 106,114
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Pro Forma Net Income................................ $ 656,192
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Weighted Average Shares
Outstanding....................................... 823,009 928,731 868,737 928,731
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Common stock equivalents due to
dilutive effect of stock options.................. 756 1,639
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Total weighted average common
shares and equivalents
outstanding....................................... $ 823,765 870,376
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Primary Earnings Per Share.......................... $ 0.24 $ 0.22 $ 0.72 $ 0.71
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Weighted Average Shares
Outstanding....................................... 823,009 928,731 868,737 928,731
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Additional dilutive shares using end
of period market value versus
average market value for period
when utilizing the treasury stock
method regarding stock options.................... 2,168 2,168
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Total weighted average common
shares and equivalents
outstanding for fully diluted
computation....................................... 825,177 870,905
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Fully diluted earnings per share.................... $ 0.24 $ 0.22 $ 0.72 $ 0.71
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Earnings per share of common stock for the three and nine month periods ended
June 30, 1995 and 1996 have been determined by dividing net income for the
period by the weighted average number of shares of common stock outstanding, net
of unearned ESOP and Management Stock Bonus Plan ("MSBP") shares.
(1) The addition of net income is the assumed pro forma effect of the net
proceeds of the stock conversion as if the common stock issued was sold on
October 1, 1994, and was invested by the Company at 6.2%, which was equal to the
one year U.S. Treasury bill rate as of October 31, 1994, net of an effective
federal and state income tax rate of 40.5% resulting in an after tax yield of
3.69% on $6,901,750. The proceeds were generally available to the Company on
March 1, 1995.
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