Exhibit 11
CATSKILL FINANCIAL CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended December 31,
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1997 1996
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NET INCOME PER COMMON SHARE - BASIC
Net income applicable to common shares $ 958 $ 1,066
Weighted average common shares outstanding 4,250,413 5,090,814
Net income per common share - basic $ .23 $ .21
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NET INCOME PER COMMON SHARE - DILUTED
Net income applicable to common shares $ 958 $ 1,066
Weighted average common shares outstanding 4,250,413 5,090,814
Dilutive common stock options (1) 143,426 19,548
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Weighted average common shares and
common share equivalents outstanding 4,393,839 5,110,362
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Net income per common share - diluted $ .22 $ .21
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(1) Dilutive common stock options (includes restricted stock under the Company's
MRP plan and options under its stock option plan) are based on the treasury
stock method using average market price. The treasury stock method recognizes
the use of assumed proceeds upon the exercise of options, and the amount of
unearned compensation attributed to future services under the Company's
restricted stock plan, including any tax benefits, will be used to purchase the
Company's common stock at the average market price during the period.
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