EX-1 2 0002.txt
EXHIBIT 11.1 MASSBANK CORP. Earnings Per Share The following is a calculation of earnings per share for the three and nine months ended September 30, 2000 and 1999. Three Months Ended Nine Months Ended Calculation of Basic Septemeber 30, September 30, Earnings Per Share 2000 1999 2000 1999 ______________________________ ____ ____ ____ ____ Net Income $2,697,000 $2,783,000 $8,242,000 $8,562,000 _________ _________ _________ _________ Average common shares outstanding 3,242,927 3,387,025 3,262,556 3,429,007 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (26,400) (35,200) (26,400) (35,200) __________ _________ __________ ________ Weighted average shares outstanding 3,216,527 3,351,825 3,236,156 3,393,807 _________ _________ _________ _________ Earnings per share (in dollars) $ 0.84 $ 0.83 $ 2.55 $ 2.52 _________ _________ _________ _________
Three Months Ended Nine Months Ended Calculation of Diluted September 30, September 30, Earnings Per Share 2000 1999 2000 1999 ______________________________ ____ ____ ____ ____ Net Income $2,697,000 $2,783,000 $8,242,000 $8,562,000 _________ _________ _________ _________ Average common shares outstanding 3,242,927 3,387,025 3,262,556 3,429,007 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (26,400) (35,200) (26,400) (35,200) Diluted stock options 75,843 113,778 75,318 115,332 _________ _________ _________ _______ Weighted average shares outstanding 3,292,370 3,465,603 3,311,474 3,509,139 _________ _________ _________ _________ Earnings per share (in dollars) $ 0.82 $ 0.80 $ 2.49 $ 2.44 _________ __________ __________ __________