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Exhibit 11
SECURITY FIRST CORP.
COMPUTATION OF EARNINGS PER SHARE
Three months ended Nine months ended
December 31, December 31,
1997 1996 (a) 1997 1996 (a)
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BASIC:
Earnings:
Net Income available to
common shareholders $ 2,356,000 $2,040,000 $ 6,851,000 $4,260,000
============================== ==============================
Shares:
Weighted average number
of common shares
outstanding 7,578,118 7,458,344 7,554,113 7,420,383
============================== ==============================
Basic earnings per share $ 0.31 $ 0.27 $ 0.91 $ 0.57
============================== ==============================
DILUTED:
Earnings:
Net Income available to
common shareholders $ 2,356,000 $2,040,000 $ 6,851,000 $4,260,000
Adjustment for interest
expense on convertible
subordinated debentures
net of tax 77,000 98,000 256,000 293,000
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Net income applicable to
diluted shares $ 2,433,000 $2,138,000 $ 7,107,000 $4,553,000
============================== ==============================
Shares:
Weighted average number
of common shares
outstanding 7,578,118 7,458,344 7,554,113 7,420,383
Shares issuable from
assumed exercise of
stock options 220,545 128,265 196,185 133,580
Shares issuable from
assumed conversion of
convertible subordinated
debentures 924,459 1,124,919 989,645 1,125,561
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Adjusted weighted
average shares 8,723,122 8,711,528 8,739,943 8,679,524
============================== ==============================
Diluted earnings
per share $ 0.28 $ 0.25 $ 0.81 $ 0.52
============================== ==============================
<FN>
(a) Adjusted to reflect the three-for-two stock split distributed on July 31,
1997, and the implementation of Statement of Financial Accounting Standards
No. 128, "Earnings Per Share".
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