Exhibit 11 Re: Computation of Earnings Per Share
Second Bancorp Incorporated and Subsidiaries
(Dollars in thousands, except per share data)
For the Three Months Ended For the Six Months Ended
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June 30 June 30 June 30 June 30
2002 2001 2002 2001
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Basic and Diluted
(Dollars in thousands, except per share data)
BASIC:
Weighted average shares issued 10,905,096 10,792,904 10,874,543 10,789,505
Less: Treasury shares (946,168) (785,000) (926,197) (775,539)
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Net Weighted average shares outstanding 9,958,928 10,007,904 9,948,346 10,013,966
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Net income $ 4,353 $ 4,258 $ 9,036 $ 8,345
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Basic Earnings Per Share $ 0.44 $ 0.42 $ 0.91 $ 0.83
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DILUTED:
Weighted average shares issued 10,905,096 10,792,904 10,874,543 10,789,505
Less: Treasury shares (946,168) (785,000) (926,197) (775,539)
Net effect of dilutive stock options - based on the
treasury stock method using average market price 128,075 95,156 123,020 66,007
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10,087,003 10,103,060 10,071,366 10,079,973
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Net income $ 4,353 $ 4,258 $ 9,036 $ 8,345
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Diluted Earnings Per Share $ 0.43 $ 0.42 $ 0.90 $ 0.83
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Basic and Diluted before cumulative effect of June 30
accounting change 2001
----
BASIC:
Weighted average shares issued 10,789,505
Less: Treasury shares (775,539)
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Net Weighted average shares outstanding 10,013,966
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Net income $ 8,446
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Basic Earnings Per Share $ 0.84
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DILUTED:
Weighted average shares issued 10,789,505
Less: Treasury shares (775,539)
Net effect of dilutive stock options - based on the
treasury stock method using average market price 66,007
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10,079,973
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Net income $ 8,446
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Diluted Earnings Per Share $ 0.84
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