FIRST CENTRAL FINANCIAL CORPORATION AND SUBSIDIARIES Exhibit 11 COMPUTATION OF PER COMMON SHARE EARNINGS MARCH 31, 1996 1995 1994 ---- ---- ---- PRIMARY Net income applicable to common shares $ 830,735 $1,472,501 $1,269,266 ============ ========== ========== Weighted average number of primary common shares: Outstanding 5,986,910 5,924,905 5,710,911 Issuable upon assumed exercise of dilutive warrants 34,961 36,509 45,422 ------------ ---------- ---------- TOTAL 6,021,871 5,961,414 5,756,333 ============ ========== ========== Primary earnings per common share 0.138 0.247 0.220 ===== ===== ===== FULLY DILUTED Net income applicable to common shares $ 830,735 $ 1,472,501 $ 1,269,266 Add interest and amortization of debentures (net of tax) 94,001 97,836 110,558 ------------ ------------- ------------- TOTAL $ 924,736 $ 1,570,337 $ 1,379,824 ============ ============= ============= Weighted average number of primary common shares 5,986,910 5,924,905 5,710,911 Increase to assumed exercise of stock options and conversion of convertible debt to reflect maximum dilution effect 890,653 915,210 980,326 ------------ ---------- ---------- TOTAL 6,877,563 6,840,115 6,691,237 ============ ========== ========== Fully diluted earnings per common share 0.134 0.230 0.206 ===== ===== =====