EXHIBIT 11.1
Quaker City Bancorp, Inc.
Computation of Earnings Per Share
Three Months Six Months
Ended Ended
December 31, December 31,
2001 2001
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A Average common shares outstanding......................... 5,046,955 5,021,147
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B Net earnings for period................................... $5,100,000 $9,842,000
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Basic earnings per share [ B / A ]........................ $1.01 $1.96
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Common share equivalents:
C Average stock options outstanding......................... 691,849 709,364
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D Average option exercise price............................. $13.36 $13.18
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E Exercise proceeds [ C x D ]............................... $9,242,480 $9,346,651
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F Tax benefit on non-qualified options...................... $2,844,082 $3,001,943
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G Total exercise proceeds [ E + F ]......................... $12,086,562 $12,348,594
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H Average market price in period............................ $29.51 $29.96
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I Shares repurchased at market price [ G / H ].............. 409,575 412,169
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J Increase in common shares [ C - I ]....................... 282,274 297,195
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K Shares outstanding and equivalents [ A + J ].............. 5,329,229 5,318,342
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L Net earnings for period................................... $5,100,000 $9,842,000
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Diluted earnings per share [ L / K ]...................... $0.96 $1.85
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