Exhibit 11 MIDWESTONE FINANCIAL GROUP AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Three Months Ended Six Months Ended June 30, June 30, -------------------------- -------------------------- 2003 2002 2003 2002 ---------- ---------- ----------- ----------- Earnings per Share Information: - ------------------------------ Weighted average number of shares outstanding during the year ............... 3,873,037 3,873,120 3,893,492 3,872,085 Weighted average number of shares outstanding during the year including all dilutive potential shares ... 3,966,383 3,963,563 3,989,193 3,950,719 Net earnings ................................. $1,386,434 $1,471,768 $2,725,562 $2,959,124 Earnings per share - basic ................... $ 0.36 $ 0.38 $ 0.70 $ 0.76 Earnings per share - diluted ................. $ 0.35 $ 0.37 $ 0.68 $ 0.75