Exhibit 11
Statement Regarding Computation of
Earnings per Common Share
Basic and diluted earnings per share were computed as follows:
(In thousands, except per share data)
Three months ended Six months ended
June 30 June 30
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2000 1999 2000 1999
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Basic earnings per share:
Earnings available for common shares:
Net income $ 941 1,248 1,656 2,358
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Weighted average common shares
outstanding 2,287 2,397 2,287 2,393
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Basic earnings per share $ .41 .52 .72 .98
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Diluted earnings per share:
Net earnings available for common
shares and common stock
equivalent shares deemed to have
a dilutive effect $ 941 1,248 1,656 2,358
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Weighted average common shares
outstanding 2,287 2,397 2,287 2,393
Additional potentially dilutive
securities (equivalent in common
stock):
Stock options 90 22 56 26
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Total 2,377 2,419 2,343 2,419
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Diluted earnings per share $ .40 .52 .71 .98
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The additional potentially dilutive securities calculation for 2000 and 1999
excludes an average of 20,300 and 42,900 options, respectively, because the
exercise price of the options was greater than the average market price.