FIRST SHENANGO BANCORP, INC
EXHIBIT 11
Statement Regarding Computation of Primary Earnings Per Share
Three Months and Year Ended December 31, 1996, 1995 and 1994
Three months ended December 31, Year Ended December 31,
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1996 1995 1994 1996 1995 1994
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Weighted average common shares outstanding 2,343,098 2,343,098 2,343,098 2,343,098 2,343,098 2,342,324
Net effect of dilutive stock options 79,841 79,050 47,575 77,318 68,793 49,991
Average unallocated ESOP shares (74,728) (86,156) (101,138) (74,863) (87,177) (101,138)
Average MSBP shares in plan reserve (10,367) (9,012) (9,012) (9,938) (9,012) (7,888)
Weighted average treasury shares purchases (162,442) (29,768) (4,185) (78,614) (25,223) (1,055)
------------ ---------- --------- --------- ----------- ---------
Common stock equivalents 2,175,402 2,297,212 2,276,338 2,257,001 2,290,479 2,282,234
============ ========== ========= ========= ========== ==========
Net earnings $1,152,474 $ 804,013 $679,722 $3,009,997 $3,079,186 $2,273,123
============ ========== ========= ========== ========== ==========
Per share amount $.53 $.35 $.30 $1.33 $1.34 $1.00
============ ========== ========= ========== ========== ==========
Earnings per share have been computed on the treasury stock method in using
average market price for the common stock equivalents (options).
The Company accounts for the 112,412 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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