EXHIBIT 11 EAGLE FINANCIAL SERVICES, INC. AND SUBSIDIARY Computations of Weighted Average Shares Outstanding and Earnings Per Share (Shares Outstanding End of Month) Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 ------------ ------------ ------------ ------------ JAN --- --- 1,432,797 1,418,341 FEB --- --- 1,435,016 1,420,287 MAR --- --- 1,435,016 1,420,287 APR --- --- 1,435,013 1,420,287 MAY --- --- 1,437,283 1,422,201 JUN --- --- 1,438,635 1,422,201 JUL 1,438,633 1,422,201 1,438,633 1,422 201 AUG 1,442,099 1,424,326 1,442,099 1,422,326 SEP 1,442,098 1,424,326 1,442,098 1,424,326 OCT --- --- --- --- NOV --- --- --- --- DEC --- --- --- --- ------------ ------------ ------------ ------------ 4,322,830 4,270,853 12,936,590 12,794,457 3 3 9 9 - ------------ ------------ ------------ ------------ ------------ Weighted Average Shares Outstanding 1,440,943 1,423,618 1,437,399 1,421,606 - ------------ ------------ ------------ ------------ ------------ Net Income $ 503,394 $ 455,346 $ 1,508,874 $ 1,258,558 - ------------ ------------ ------------ ------------ ------------ Earnings Per Share, Basic and Diluted $ 0.35 $ 0.32 $ 1.05 $ 0.89 - ------------ ------------ ------------ ------------ ------------ 13