EX-11.1 3 dex111.txt STATEMENT REGARD COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11.1 MASSBANK CORP. ended September 30, 2001 and 2000.
Three Months Ended Nine Months Ended Calculation of Basic September 30, September 30, Earnings Per Share 2001 2000 2001 2000 ------------------------------------------------------------------------------------------------- Net Income $2,632,000 $2,697,000 $8,065,000 $8,242,000 ---------- ---------- ---------- ---------- Average common shares outstanding 3,136,667 3,242,927 3,140,069 3,262,556 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (17,600) (26,400) (17,600) (26,400) ---------- ---------- ---------- ---------- Weighted average shares outstanding 3,119,067 3,216,527 3,122,469 3,236,156 ---------- ---------- ---------- ---------- Earnings per share (in dollars) $ 0.84 $ 0.84 $ 2.58 $ 2.55 ---------- ---------- ---------- ---------- Three Months Ended Nine Months Ended Calculation of Diluted September 30, September 30, Earnings Per Share 2001 2000 2001 2000 ------------------------------------------------------------------------------------------------- Net Income $2,632,000 $2,697,000 $8,065,000 $8,242,000 ---------- ---------- ---------- ---------- Average common shares outstanding 3,136,667 3,242,927 3,140,069 3,262,556 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (17,600) (26,400) (17,600) (26,400) Diluted stock options 95,532 75,843 83,527 75,318 ---------- ---------- ---------- ---------- Weighted average shares outstanding 3,214,599 3,292,370 3,205,996 3,311,474 ---------- ---------- ---------- ---------- Earnings per share (in dollars) $ 0.82 $ 0.82 $ 2.52 $ 2.49 ---------- ---------- ---------- ----------