EXHIBIT 11
EXHIBIT 11
EARNINGS PER SHARE CALCULATION
For the three months For the six months
ended June 30, ended June 30,
1998 1997 1998 1997
--------------- --------------- -------------- ---------
Net Income............................................ $ 493,961 $ 468,954 $ 952,509 $ 914,307
Basic Weighted Average Shares Outstanding............. 2,179,319 2,402,476 2,219,343 2,457,225
Basic Earnings Per Share.............................. $0.23 $0.20 $0.43 $0.37
Basic Weighted Average Shares Outstanding............. 2,179,319 2,402,476 2,219,343 2,457,225
Potential common stock due to:
Stock options....................... 109,219 47,871 109,119 48,285
MSBP................................ 8,839 -- 8,672 --
Diluted weighted average shares outstanding........... 2,297,377 2,450,347 2,337,134 2,505,510
Diluted earnings per share............................ $0.22 $0.19 $0.41 $0.36
Basic earnings per share of common stock for the three and six month periods
ended June 30, 1998 and 1997 has been determined by dividing net income for the
period by the weighted average number of shares of common stock outstanding, net
of average unearned ESOP shares of 204,763, 206,802, 221,032, and 223,060,
respectively, and average unearned MSBP shares of 77,778, 80,639, 106,015, and
106,015, respectively.