1
Exhibit 11.1
MASSBANK CORP.
Earnings Per Share
The following is a calculation of earnings per share for the years
ended December 31, 1995, 1994 and 1993.
Years Ended December 31,
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Calculation of Primary Earnings per Share (1) 1995 1994 1993
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Average common shares outstanding 2,755,789 2,862,981 2,934,849
Shares assumed to be repurchased under
treasury stock method for stock options 79,823 80,746 72,963
Less: Unallocated Employee Stock Ownership
Plan ("ESOP") shares not committed
to be released (2) (51,679) ( 60,413) ---
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Total Shares 2,783,933 2,883,314 3,007,812
Net Income $8,759,000 $8,185,000 $6,695,000
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Per Share Amount $3.15 $2.84 $2.23
Years Ended December 31,
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1995 1994 1993
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Calculation of Fully Diluted Earnings per Share (1)
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Average common shares outstanding 2,755,789 2,862,981 2,934,849
Shares assumed to be repurchased under
treasury stock method for stock options 101,985 82,790 76,538
Less: Unallocated Employee Stock Ownership
Plan ("ESOP") shares not committed
to be released (2) (51,679) (60,413) ---
----------- ----------- ----------
Total Shares 2,806,095 2,885,358 3,011,387
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Net Income $8,759,000 $8,185,000 $6,695,000
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Per Share Amount $3.12 $2.84 $2.22
2
(1) The prior years' shares outstanding and earnings per share amounts have
been restated to reflect the three-for-two stock split of September 9,
1994.
(2) The Company adopted the American Institute of Certified Public Accountants
("AICPA") Statement of Position ("SOP") 93-6 effective January 1, 1994.