1 COBANCORP INC. AND SUBSIDIARIES EXHIBIT (11)--STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE Three Months Ended September 30 Nine Months Ended September 30 ------------------------------- ------------------------------ 1997 1996 1997 1996 ---------- ---------- ---------- ---------- Primary: Average shares outstanding 3,453,824 3,447,160 3,453,824 3,447,160 Net effect of dilutive stock options-- based on the treasury stock method using average market price 54,242 28,488 45,592 28,671 ---------- ---------- ---------- ---------- Total shares 3,508,066 3,475,648 3,499,416 3,475,831 ========== ========== ========== ========== Net income $1,310,207 $1,309,200 $4,273,013 $4,229,009 ========== ========== ========== ========== Net income per share $ 0.38 $ 0.38 $ 1.24 $ 1.23 ========== ========== ========== ========== Fully diluted: Average shares outstanding 3,453,824 3,447,160 3,453,824 3,447,160 Net effect of dilutive stock options-- based on the treasury stock method using the higher of average market price or ending market price 56,160 28,488 50,810 28,920 ---------- ---------- ---------- ---------- Total shares 3,509,984 3,475,648 3,504,634 3,476,080 ========== ========== ========== ========== Net income $1,310,207 $1,309,200 $4,273,013 $4,229,009 ========== ========== ========== ========== Net income per share $ 0.38 $ 0.38 $ 1.24 $ 1.23 ========== ========== ========== ==========