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EXHIBIT 11.1
MIDLAND FINANCIAL GROUP, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Year Ended December 31,
-----------------------
1995 1994 1993
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Primary:
Average Shares outstanding 5,369 5,322 5,118
Net effect of dilutive stock options and
warrants - based on the treasury stock
method using average market price -- 156 188
--------- --------- ---------
Common and common equivalent shares 5,369 5,478 5,306
========= ========= =========
Net income (10,071) $ 7,925 $ 7,068
Plus (less):
Preferred stock dividend -- -- --
Accretion of discount on preferred stock -- -- --
Redemption premium on preferred stock -- -- --
Assumed interest based on modified
treasury method -- -- --
--------- --------- ---------
Adjusted net income applicable to $ (10,071) $ 7,925 $ 7,068
common and common equivalent ========= ========= =========
shares
Fully diluted:
Average shares outstanding 5,369 5,322 5,118
Net effect of dilutive stock options and
warrants - based on the treasury stock
method using average market price -- 155 174
--------- --------- ---------
Common and common equivalents shares 5,369 5,477 5,292
========= ========= =========
Net income (loss) $ (10,071) $ 7,925 $ 7,068
========= ========= =========
Per share amount:
Primary:
Net income (1.88) 1.45 1.34
Fully diluted:
Net income (1.88) 1.45 1.34