EX-11.1 2 dex111.txt EARNINGS PER SHARE EXHIBIT 11.1 MASSBANK CORP. Earnings Per Share The following is a calculation of earnings per share for the three months ended March 31, 2001 and 2000. Three Months Ended Calculation of Basic March 31, Earnings Per Share 2001 2000 -------------------- ---------- ---------- Net Income $2,745,000 $2,828,000 ---------- ---------- Average common shares outstanding 3,150,167 3,289,524 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (17,600) (26,400) ---------- ---------- Weighted average shares outstanding 3,132,567 3,263,124 ---------- ---------- Earnings per share (in dollars) $ 0.88 $ 0.87 ---------- ---------- Three Months Ended Calculation of Diluted March 31, Earnings Per Share 2001 2000 ---------------------- ---------- ---------- Net Income $2,745,000 $2,828,000 ---------- ---------- Average common shares outstanding 3,150,167 3,289,524 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (17,600) (26,400) Diluted stock options 73,823 74,235 ---------- ---------- Weighted average shares outstanding 3,206,390 3,337,359 ---------- ---------- Earnings per share (in dollars) $ 0.86 $ 0.85 ---------- ----------