EXHIBIT 11.1
FIRST NORTHERN CAPITAL CORP.
COMPUTATION OF NET INCOME PER COMMON SHARE
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
1996 1995 1996 1995
--------- --------- -------- ---------
PRIMARY:
Weighted average common shares
outstanding during each period 4,460,763 4,503,927 4,521,074 4,501,317
Incremental shares relating to:
Dilutive stock options
outstanding at end of
each period (1) 108,834 112,014 111,101 110,592
--------- --------- --------- ---------
4,569,597 4,615,941 4,632,175 4,611,909
========= ========= ========= =========
FULLY DILUTED:
Weighted average common shares
outstanding during each period 4,460,763 4,503,927 4,514,167 4,501,317
Incremental shares relating to:
Dilutive stock options
outstanding at end of
each period (2) 115,260 119,777 114,364 123,596
--------- --------- --------- ---------
4,576,023 4,623,704 4,628,531 4,624,913
========= ========= ========= =========
NET INCOME FOR EACH PERIOD $1,181,074 $1,470,801 $2,269,940 $2,454,622
PER COMMON SHARE AMOUNTS:
Primary, as presented in
the Statement of Income $0.26 $0.32 $0.49 $0.53
Fully diluted $0.26 $0.32 $0.49 $0.53
Notes:
(1) Based on treasury stock method using average market price.
(2) Based on treasury stock method using period end market price, if
higher than average market price.