EXHIBIT 11
STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE
For the Three For the Six
Months Ended Months Ended
March 31, March 31,
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1997 1996 1997 1996
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(Dollars in thousands (Dollars in thousands
except earnings per except earnings
share) per share)
Weighted average common shares
outstanding 2,780,559 3,415,910 2,850,740 3,545,926
Common stock equivalent shares on stock
options 174,676 116,214 158,201 109,897
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Weighted average common and common
equivalent shares 2,955,235 3,532,124 3,008,941 3,655,823
Net earnings $ 725 460 1,447 881
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Earnings per common and common
equivalent shares: $ 0.25 0.13 0.48 0.24
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Earnings per share of common stock for the three and six months ended March 31,
1997, and 1996, have been determined by dividing the net income by the weighted
average number of shares of common stock and common stock equivalents
outstanding during the period. Stock options are regarded as common stock
equivalents computed using the treasury stock method. Shares acquired by the
employee stock benefit plans are not considered in the weighted average shares
outstanding until shares are committed to be released to an employee's
individual account or have been earned. The difference between primary and fully
diluted earnings per share is not material.