Exhibit 11
MID CONTINENT BANCSHARES, INC.
Statement Regarding Computation of Earnings Per Share
Three Months and Year Ended September 30, 1996 and 1997
Three Months Ended Year Ended
September 30, September 30,
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1996 1997 1996 1997
---- ---- ---- ----
Primary Earnings per share
Common shares outstanding,
beginning of period 1,937,803 1,925,227 2,045,235 1,930,712
Exercise of stock options ---- 725 ---- 183
Effect of dilutive stock options 768 13,080 5,942 29,628
Allocated ESOP shares 1,700 1,700 6,975 7,332
Amortized MSBP shares 1,871 10,021 7,524 9,635
Treasury share purchase (6,848) ----- (102,827) (38,725)
--------- --------- --------- ---------
Weighted average common and common equivalent
shares outstanding 1,935,294 1,950,753 1,962,849 1,938,765
Net earnings $460 $977 $3,126 $4,170
Per share amount $0.24 $0.50 $1.59 $2.15
Fully Diluted Earnings per share
Common shares outstanding,
beginning of period 1,938,696 1,931,446 2,053,855 1,933,603
Exercise of stock options 725 183
Effect of dilutive stock options 2,766 14,824 (478) 31,913
Allocated ESOP shares 1,700 1,700 6,975 7,332
Amortized MSBP shares 1,871 10,021 7,524 9,635
Treasury share purchases (6,848) ----- (102,827) (38,725)
--------- --------- --------- ---------
Weighted average common and common equivalent
shares outstanding 1,938,185 1,958,716 1,965,049 1,943,941
Net earnings $460 $977 $3,126 $4,170
Per share amount $0.24 $0.50 $1.59 $2.15
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.