<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>2
<FILENAME>dex11.txt
<DESCRIPTION>COMPUTATION OF PER SHARE EARNINGS
<TEXT>

<PAGE>

                                  Exhibit 11


                          MAHASKA INVESTMENT COMPANY
                               AND SUBSIDIARIES
                STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

<TABLE>
<CAPTION>

                                                                                      Three Months Ended
                                                                                            March 31,
                                                                                 --------------------------------
                                                                                      2001             2000
                                                                                 ---------------  ---------------
<S>                                                                              <C>              <C>
Earnings per Share Information:
-----------------------------------------------------

Weighted average number of shares
  outstanding during the year..............................................            3,953,471        4,288,826

Weighted average number of shares
  outstanding during the year
  including all dilutive potential shares..................................            3,980,934        4,314,801

Net earnings...............................................................         $    992,137      $ 1,113,332


Earnings per share - basic.................................................         $       0.25      $      0.26

Earnings per share - diluted...............................................         $       0.25      $      0.26
</TABLE>
</TEXT>
</DOCUMENT>