EX-11.1 3 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 and six months ended June 30, 2002 and 2001.
Three Months Ended Six Months Ended Calculation of Basic June 30, June 30, Earnings Per Share 2002 2001 2002 2001 ------------------------------ ---- ---- ---- ---- Net Income $2,702,000 $2,688,000 $5,352,000 $5,433,000 ---------- ---------- ---------- ---------- Average common shares outstanding 4,737,520 4,700,280 4,742,224 4,712,697 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (13,200) (26,400) (13,200) (26,400) ---------- ---------- ---------- ---------- Weighted average shares outstanding 4,724,320 4,673,880 4,729,024 4,686,297 ---------- ---------- ---------- ---------- Earnings per share (in dollars) $ 0.57 $ 0.57 $ 1.13 $ 1.16 ---------- ---------- ---------- ---------- Three Months Ended Six Months Ended Calculation of Diluted June 30, June 30, Earnings Per Share 2002 2001 2002 2001 ------------------------------ ---- ---- ---- ---- Net Income $2,702,000 $2,688,000 $5,352,000 $5,433,000 ---------- ---------- ---------- ---------- Average common shares outstanding 4,737,520 4,700,280 4,742,224 4,712,697 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (13,200) (26,400) (13,200) (26,400) Dilutive stock options 135,210 121,482 131,542 116,138 ---------- ---------- ---------- ---------- Weighted average shares outstanding 4,859,530 4,795,362 4,860,566 4,802,435 ---------- ---------- ---------- ---------- Earnings per share (in dollars) $ 0.56 $ 0.56 $ 1.10 $ 1.13 ---------- ---------- ---------- ----------