Exhibit 11

HECTOR COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CALCULATION OF EARNINGS PER SHARE

	Year Ended December 31
	2005			2004			2003
Basic:
Income from continuing operations	$		6,567,334	$		4,644,383	$		4,296,906
Income from discontinued operations							881,854
Net income	$	6,567,334		$	4,644,383		$	5,178,760
Common shares:
Weighted average number of common shares outstanding	3,821,141			3,634,509			3,487,129
Net income per common share:
Continuing operations	$		1.72	$		1.28	$		1.23
Discontinued operations							.25
	$		1.72	$		1.28	$		1.48
Diluted:
Income from continuing operations	$		6,567,334	$		4,644,383	$		4,296,906
Income from discontinued operations							881,854
Net income	$		6,567,334	$		4,644,383	$		5,178,760
Common and common equivalent shares:
Weighted average number of common shares outstanding	3,821,141			3,634,509			3,487,129
Dilutive effect of convertible preferred shares outstanding	114,387			203,854			220,100
Dilutive effect of stock options outstanding after application of treasury stock method	148,589			130,667			56,124
Dilutive effect of Employee Stock Purchase Plan shares subscribed				823			1,151
	4,084,117			3,969,853			3,764,504
Diluted net income per share:
Continuing operations	$		1.61	$		1.17	$		1.14
Discontinued operations							.23
	$		1.61	$		1.17	$		1.37