Exhibit 11.
Pennsylvania Commerce Bancorp, Inc.
Computation of Net Income Per Share
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For the Quarter Ended June 30, 2004
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Income Shares Per Share
Amount
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Basic Earnings Per Share:
Net income $2,181,000
Preferred stock dividends (20,000)
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Income available to common stockholders 2,161,000 2,313,457 $0.93
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Effect of Dilutive Securities:
Stock Options 208,337
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Diluted Earnings Per Share:
Income available to common stockholders plus
assumed conversions $2,161,000 2,521,794 $0.86
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For the Six months Ended June 30, 2004
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Income Shares Per Share
Amount
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Basic Earnings Per Share:
Net income $4,109,000
Preferred stock dividends (40,000)
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Income available to common stockholders 4,069,000 2,307,508 $1.76
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Effect of Dilutive Securities:
Stock Options 209,456
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Diluted Earnings Per Share:
Income available to common stockholders plus
assumed conversions $4,069,000 2,516,964 $1.62
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For the Quarter Ended June 30, 2003
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Income Shares Per Share
Amount
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Basic Earnings Per Share:
Net income $1,658,000
Preferred stock dividends (20,000)
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Income available to common stockholders 1,638,000 2,245,680 $0.73
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Effect of Dilutive Securities:
Stock Options 177,654
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Diluted Earnings Per Share:
Income available to common stockholders plus
assumed conversions $1,638,000 2,423,334 $0.68
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For the Six months Ended June 30, 2003
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Income Shares Per Share
Amount
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Basic Earnings Per Share:
Net income $3,306,000
Preferred stock dividends (40,000)
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Income available to common stockholders 3,266,000 2,238,303 $1.46
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Effect of Dilutive Securities:
Stock Options 171,154
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Diluted Earnings Per Share:
Income available to common stockholders plus
assumed conversions $3,266,000 2,409,456 $1.36
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