FFVA FINANCIAL CORPORATION AND SUBSIDIARY
EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 (1) 1996 1995 (1)
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Primary Earnings per Share:
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Weighted average number of shares
outstanding 5,075,330 6,003,664 5,325,620 6,164,322
Average unallocated ESOP Shares (233,852) (267,156) (233,852) (267,156)
Incremental shares attributed to
outstanding options 169,336 -- 136,069 --
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Weighted average number of common
stock equivalents 5,010,814 5,736,508 5,227,837 5,897,166
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Net Income $ 358,000 $ 1,590,000 $ 3,677,000 $ 4,825,000
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Primary earnings per common and
common equivalent share $ .07 $ .28 $ .70 $ .82
Earnings Per Share Assuming Full
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Dilution:
- ---------
Weighted average number of shares
outstanding 5,075,330 6,003,664 5,325,620 6,164,322
Average unallocated ESOP shares (233,852) (267,156) (233,852) (267,156)
Incremental shares attributed to
outstanding options 198,238 -- 199,519 --
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Weighted average number of common
stock equivalents 5,039,716 5,736,508 5,291,287 5,897,166
=========== =========== =========== ===========
Net Income $ 358,000 $ 1,590,000 $ 3,677,000 $ 4,825,000
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Fully diluted earnings per common and
common equivalent shares $ .07 $ .28 $ .69 $ .82
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.
(1) Adjusted to reflect the two-for-one stock split paid June 5, 1996.