Exhibit 11 Statement Re: Computation of Earnings Per Share
Second Bancorp Incorporated and Subsidiaries
Basic and Diluted before cumulative effect of For the Three Months Ended For the Nine Months Ended
accounting change --------------------------------------------------------
September 30 September 30 September 30 September 30
2001 2000 2001 2000
---- ---- ---- ----
(Dollars in thousands, except per share data)
BASIC:
Weighted average shares issued 10,821,950 10,776,870 10,801,406 10,773,288
Less: Treasury shares (788,585) (615,484) (779,935) (478,366)
--------------------------------------------------------
Net Weighted average shares outstanding 10,033,365 10,161,386 10,021,471 10,294,922
========================================================
Net income $4,401 ($5,545) $12,847 $2,104
========================================================
Basic Earnings Per Share $0.44 ($0.55) $1.28 $0.20
========================================================
DILUTED:
Weighted average shares issued 10,821,950 10,776,870 10,801,406 10,773,288
Less: Treasury shares (788,585) (615,484) (779,935) (478,366)
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 84,340 n/a 66,464 23,491
--------------------------------------------------------
10,117,705 10,161,386 10,087,935 10,318,413
========================================================
Net income $4,401 ($5,545) $12,847 $2,104
========================================================
Diluted Earnings Per Share $0.43 ($0.55) $1.27 $0.20
========================================================
Basic and Diluted For the Three Months Ended For the Nine Months Ended
--------------------------------------------------------
September 30 September 30 September 30 September 30
2001 2000 2001 2000
---- ---- ---- ----
(Dollars in thousands, except per share data)
BASIC:
Weighted average shares issued 10,821,950 10,776,870 10,801,406 10,773,288
Less: Treasury shares (788,585) (615,484) (779,935) (478,366)
--------------------------------------------------------
Net Weighted average shares outstanding 10,033,365 10,161,386 10,021,471 10,294,922
========================================================
Net income $4,401 ($5,545) $12,746 $2,104
========================================================
Basic Earnings Per Share $0.44 ($0.55) $1.27 $0.20
========================================================
DILUTED:
Weighted average shares issued 10,821,950 10,776,870 10,801,406 10,773,288
Less: Treasury shares (788,585) (615,484) (779,935) (478,366)
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 84,340 n/a 66,464 23,491
--------------------------------------------------------
10,117,705 10,161,386 10,087,935 10,318,413
========================================================
Net income $4,401 ($5,545) $12,746 $2,104
========================================================
Diluted Earnings Per Share $0.43 ($0.55) $1.26 $0.20
========================================================