Exhibit 11
NB&T Financial Group, Inc.
Computation of Consolidated Earnings Per Common Share
For the Three and Nine Months Ended September 30, 2001 and 2000
(in thousands, except shares and per share data)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2001 2000 2001 2000
<s> <c> <c> <c> <c>
Net income (loss) $ 1,388 $ (132) $ 4,369 $ 2,719
========= ========= ========= =========
Weighted average common
shares issued 3,123,308 3,204,345 3,168,952 3,194,260
Less-Unreleased common
shares held by ESOP 6,785 11,357 8,227 12,301
--------- --------- --------- ---------
Weighted average number
of shares outstanding
used in the calculation
of basic earnings per
common share 3,116,523 3,192,988 3,160,725 3,181,959
Add - Dilutive effect of
stock options (1) 15,526 14,668 14,409 24,408
--------- --------- --------- ---------
Adjusted weighted average
number of shares outstanding
used in the calculation of
diluted earnings per common
share 3,132,049 3,207,656 3,175,134 3,206,367
========= ========= ========= =========
Basic earnings per common
share $.45 $(.04) $1.38 $.85
Diluted earnings per common
share .45 (.04) 1.38 .84
<FN>
(1) There is presently no active trading market for the Company's shares,
nor are the prices at which common shares have been traded published by any
national securities association or quotation service. Fair value for
earnings per common share purposes was assumed to be $18.75 at June 30, 2001,
and $16.75 at September 30, 2000.
</FN>