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Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(Dollar amounts in thousands, except share per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
2003 2002 2003 2002
---------- ---------- ---------- -------------
1. Income before cumulative
effect of change in accounting
principle $ 1,775 $ 1,291 $ 3,499 $ 2,493
2. Cumulative effect on years
prior to 2002 of a change in
accounting for goodwill 0 0 0 (97)
---------- ---------- ---------- -------------
3. Net income $ 1,775 $ 1,291 $ 3,499 $ 2,396
========== ========== ========== =============
4. Weighted average common
shares outstanding 1,983,438 1,983,326 1,983,071 1,984,507
5. Common stock equivalents
due to dilutive effect of
stock options 89,734 76,497
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6. Total weighted average
common shares and equivalents
outstanding 2,073,172 1,983,326 2,059,568 1,984,507
========== ========== ========== =============
7. Basic earnings per share
before change in accounting
for goodwill $ .89 $ .65 $ 1.76 $ 1.26
8. Cumulative effect of a
change in accounting for
goodwill (.05)
---------- ---------- ---------- -------------
9. Basic earnings per share $ .89 $ .65 $ 1.76 $ 1.21
========== ========== ========== =============
10. Diluted earnings per share
before change in accounting
for goodwill $ .86 $ .65 $ 1.70 $ 1.26
11. Cumulative effect of a
change in accounting for
goodwill (.05)
---------- ---------- ---------- -------------
12. Diluted earnings per share $ .86 $ .65 $ 1.70 $ 1.21
========== ========== ========== =============
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