EX-11 3 a2110816zex-11.htm EXHIBIT 11
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Exhibit 11

COMPUTATION OF PER SHARE EARNINGS

Basic earnings per share is calculated by dividing net income by the weighted average number of shares outstanding. Stock options are considered common stock equivalents for purposes of calculating diluted earnings per share.

 
   Pro Forma
Year Ended
December 31,
   CPB Historical Data (1)
Year Ended December 31,
 
   2002
   2002
   2001
   2000
   1999
   1998
 
   (Dollars in thousands)
Basic earnings per share computation
Numerator:		                                    
  Net income available to common stockholders   $ 42,507   $ 33,283   $ 28,705   $ 19,434   $ 16,326   $ 15,069
Denominator:                                    
  Weighted average common shares outstanding     23,180     15, 931     16,410     17,834     19,260     20,708
  Basic earnings per share   $ 1.83   $ 2.09   $ 1.75   $ 1.09   $ 0.85   $ 0.73
   
 
 
 
 
 
Diluted earnings per share computation                                    
Numerator:                                    
    Net income available to common stockholders   $ 42,507   $ 33,283   $ 28,705   $ 19,434   $ 16,326   $ 15,069

Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Weighted average common shares outstanding     23,180     15,931     16,410     17,834     19,260     20,708
  Incremental shares from conversion of options     395     395     350     298     220     156
   
 
 
 
 
 
    Weighted average diluted shares outstanding     23,575     16,326     16,760     18,132     19,480     20,864
   
 
 
 
 
 
Diluted earnings per share   $ 1.80   $ 2.04   $ 1.71   $ 1.07   $ 0.84   $ 0.72
   
 
 
 
 
 
 
   CB Bancshares Historical Data (2)
Year Ended December 31,
 
   2002
   2001
   2000
   1999
   1998
 
   (In thousands)
Basic earnings per share computation                              
Numerator:                              
  Net income available to common stockholders   $ 13,482   $ 6,150   $ 11,218   $ 306   $ 8,369

Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Weighted average common shares outstanding     3,867     3,841     3,898     4,191     4,298

Basic earnings per share
 
$
3.49
 
$
1.60
 
$
2.88
 
$
0.07
 
$
1.95
   
 
 
 
 

Diluted earnings per share computation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Numerator:                              
  Net income available to common stockholders   $ 13,482   $ 6,150   $ 11,218   $ 306   $ 8,369

Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Weighted average common shares outstanding     3,867     3,841     3,898     4,191     4,298
  Incremental shares from conversion of options     68     51           2     8
   
 
 
 
 
  Weighted average diluted shares outstanding     3,935     3,892     3,898     4,193     4,306
   
 
 
 
 
Diluted earnings per share   $ 3.43   $ 1.58   $ 2.88   $ 0.07   $ 1.94
   
 
 
 
 
(1)
CPF historical data derived from information contained in CPF's Annual Report on Form 10-K for the year ended December 31, 2002, which is incorporated by reference herein.

(2)
CB Bancshares historical data derived from information contained in CB Bancshares' Annual Report on Form 10-K for the year ended December 31, 2002, which is incorporated by reference herein.


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