MID CONTINENT BANCSHARES, INC.
EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
Three Months and Year Ended September 30, 1995 and 1996
Three months Ended Year Ended
September 30, September 30,
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1995 1996 1995 1996
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Primary Earnings per share
Common shares outstanding,
beginning of period 2,248,250 1,937,803 2,248,250 2,045,235
Net effect of dilutive stock options 52,110 768 21,389 5,942
Allocated (unallocated) ESOP shares (120,700) 1,700 (125,788) 6,975
Amortized (unamortized) MSBP shares (57,995) 1,871 (29,909) 7,524
Treasury share purchases (80,000) (6,848) (26,274) (102,827)
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Weighted average common and common
equivalent shares outstanding 2,041,665 1,935,294 2,087,668 1,962,849
Net earnings $ 826 $ 460 $ 4,106 $ 3,126
Per share amount $ 0.40 $ 0.24 $ 1.97 $ 1.59
Fully Diluted Earnings per share
Common shares outstanding,
beginning of period 2,248,250 1,938,696 2,248,250 2,053,855
Net effect of dilutive stock options 60,730 2,766 26,499 (478)
Allocated (unallocated) ESOP shares (120,700) 1,700 (125,788) 6,975
Amortized (unamortized) MSBP shares (57,995) 1,871 (29,909) 7,524
Treasury share purchases (80,000) (6,848) (26,274) (102,827)
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Weighted average common and common
equivalent shares outstanding 2,050,285 1,938,185 2,092,778 1,965,049
Net earnings $ 826 $ 460 $ 4,106 $ 3,126
Per share amount $ 0.40 $ 0.24 $ 1.96 $ 1.59
Primary earnings per share have been computed on the treasury stock method using
the average market price for the common stock equivalents (options). Fully
diluted earnings per share have been computed on the treasury stock method using
the closing market price for the common stock equivalents (options).
The Company accounts for the 136,000 shares acquired by the Employee Stock
Ownership Plan ("ESOP") in accordance with Statement of Position 93-6 and the
74,833 shares acquired for the Management Stock Bonus Plan (MSBP) in a manner
similar to the ESOP shares; shares controlled by the ESOP and MSBP are not
considered in the weighted average shares outstanding until the shares are
committed for allocation.