EXHIBIT 11
STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE
For the Three Months Ended For the Nine Months Ended
June 30, June 30,
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1997 1996 1997 1996
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(Dollars in thousands (Dollars in thousands
except earnings per share) except earnings per share)
Weighted average common shares outstanding 2,690,870 3,243,548 2,797,450 3,480,910
Common stock equivalent shares on stock options 189,052 110,382 171,736 97,952
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Weighted average common and common equivalent shares 2,879,922 3,353,930 2,969,186 3,578,862
Net earnings $ 823 $ 684 $ 2,270 $ 1,565
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Earnings per common and common equivalent shares: $ 0.29 $ 0.21 $ 0.76 $ 0.44
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Earnings per share of common stock for the three and nine months ended June 30,
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.
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