Exhibit 11 Statement Re: Computation of Earnings Per Share
Second Bancorp Incorporated and Subsidiaries
For the Three Months Ended
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(Dollars in thousands, except per share data) March 31 March 31
2002 2001
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Net income before cumulative effect of accounting change:
BASIC:
Weighted average shares issued 10,856,360 10,786,069
Less: Treasury shares (911,689) (765,972)
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Net Weighted average shares outstanding 9,944,671 10,020,097
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Net income before cumulative effect of accounting change $4,683 $4,188
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Basic Earnings Per Share $0.47 $0.42
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DILUTED:
Weighted average shares issued 10,856,360 10,786,069
Less: Treasury shares (911,689) (765,972)
Net effect of dilutive stock options - based on the treasury stock method using
average market price 110,087 26,465
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10,054,758 10,046,562
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Net income before cumulative effect of accounting change $4,683 $4,188
===================================
Diluted Earnings Per Share $0.47 $0.42
===================================
Net income:
(Dollars in thousands, except per share data)
BASIC:
Weighted average shares issued 10,856,360 10,786,069
Less: Treasury shares (911,689) (765,972)
-----------------------------------
Net Weighted average shares outstanding 9,944,671 10,020,097
===================================
Net income $4,683 $4,087
===================================
Basic Earnings Per Share $0.47 $0.41
===================================
DILUTED:
Weighted average shares issued 10,856,360 10,786,069
Less: Treasury shares (911,689) (765,972)
Net effect of dilutive stock options - based on the treasury stock method using
average market price 110,087 26,465
-----------------------------------
10,054,758 10,046,562
===================================
Net income $4,683 $4,087
===================================
Diluted Earnings Per Share $0.47 $0.41
===================================