FIRST CENTRAL FINANCIAL CORPORATION AND SUBSIDIARIES EXHIBIT 11
COMPUTATION OF PER COMMON SHARE EARNINGS
DECEMBER 31,
1995 1994 1993
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Primary
Net income applicable to common shares........... $ 360,553 $ 5,716,145 $ 4,501,889
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Weighted average number of
primary common shares:
Outstanding..................................... 5,986,127 5,883,261 5,648,175
Issuable upon assumed exercise
of dilutive warrants............................ 51,479 43,140 1,032
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TOTAL......................................... 6,037,606 5,926,401 5,649,207
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Primary earnings per common share 0.060 0.965 0.797
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Fully Diluted
Net income applicable to common shares........... $ 360,553 $ 5,716,145 $ 4,501,889
Add interest and amortization of
debentures (net of tax) ........................ 386,768 420,404 523,116
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TOTAL......................................... $ 747,321 $ 6,136,549 $ 5,025,005
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Weighted average number of
primary common shares........................... 5,986,127 5,883,261 5,648,175
Increase to assumed exercise of stock options and
conversion of convertible debt to reflect
maximum dilution effect......................... 886,108 953,497 1,044,800
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TOTAL......................................... 6,872,235 6,836,758 6,692,975
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Fully diluted earnings per common share 0.060 * 0.898 0.751
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* In computing fully diluted earnings per share for 1995, interest and
amortization of debentures, assumed exercise of stock options and the conversion
of convertible debt is excluded as conversion would increase earnings per share.