EXHIBIT 11
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STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Three Months Three Months
Ended Ended
March 31, 2002 March 31, 2001
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Net Income $ 236,434 192,369
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Weighted average shares outstanding
for basic EPS computation 861,063 897,455
Reduction for common shares not yet
released by Employee Stock Ownership Plan (53,961) (67,449)
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Total weighted average common shares
outstanding for basic computation 807,102 830,006
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Basic earnings per share $ 0.29 $ 0.23
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Total weighted average common shares
outstanding for basic computation 807,102 830,006
Common stock equivalents due to
dilutive effect of stock options 21,906 17,195
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Total weighted average common shares and
equivalents outstanding for diluted
computation 829,008 847,201
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Diluted earnings per share $ 0.29 $ 0.23
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