EX-11.1 3 dex111.txt COMPUTATION OF EARNINGS PER SHARE STATEMENT EXHIBIT 11.1 MASSBANK CORP. Earnings Per Share The following is a calculation of earnings per share for the three months ended March 31, 2002 and 2001. Three Months Ended Calculation of Basic March 31, Earnings Per Share 2002 2001 ------------------------------ ---------- ---------- Net Income $2,650,000 $2,745,000 ---------- ---------- Average common shares outstanding 3,164,654 3,150,167 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (8,800) (17,600) ---------- --------- Weighted average shares outstanding 3,155,854 3,132,567 ---------- ---------- Earnings per share (in dollars) $ 0.84 $ 0.88 ---------- ---------- Three Months Ended Calculation of Diluted March 31, Earnings Per Share 2002 2001 ------------------------------ ---------- ---------- Net Income $2,650,000 $2,745,000 ---------- ---------- Average common shares outstanding 3,164,654 3,150,167 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (8,800) (17,600) Dilutive stock options 85,222 73,823 ---------- ---------- Weighted average shares outstanding 3,241,076 3,206,390 ---------- ---------- Earnings per share (in dollars) $ 0.82 $ 0.86 ---------- ----------