EX-11.1 9 dex111.txt STATEMENT REGARDING COMRUTATION OF PER SHARE EXHIBIT 11 MASSBANK CORP. Earnings Per Share The following is a calculation of earnings per share for the three and nine months ended September 30, 2002 and 2001.
Three Months Ended Nine Months Ended Calculation of Basic September 30, September 30, Earnings Per Share 2002 2001 2002 2001 -------------------- ----------- ----------- ----------- ----------- Net Income $ 2,210,000 $ 2,632,000 $ 7,562,000 $ 8,065,000 ----------- ----------- ----------- ----------- Average common shares outstanding 4,682,859 4,705,001 4,722,218 4,710,104 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 4,669,659 4,678,601 4,709,018 4,683,704 ----------- ----------- ----------- ----------- Earnings per share (in dollars) $ 0.47 $ 0.56 $ 1.61 $ 1.72 ----------- ----------- ----------- ----------- Three Months Ended Nine Months Ended Calculation of Diluted September 30, September 30, Earnings Per Share 2002 2001 2002 2001 ---------------------- ----------- ----------- ----------- ----------- Net Income $ 2,210,000 $ 2,632,000 $ 7,562,000 $ 8,065,000 ----------- ----------- ----------- ----------- Average common shares outstanding 4,682,859 4,705,001 4,722,218 4,710,104 Less: Unallocated Employee Stock Ownership Plan (ESOP) shares not committed to be released (13,200) (26,400) (13,200) (26,400) Dilutive stock options 125,534 143,298 129,518 125,290 ----------- ----------- ----------- ----------- Weighted average shares outstanding 4,795,193 4,821,899 4,838,536 4,808,994 ----------- ----------- ----------- ----------- Earnings per share (in dollars) $ 0.46 $ 0.55 $ 1.56 $ 1.68 ----------- ----------- ----------- -----------