EX-11 3 exhibit11.txt EXHIBIT 11.0 COMPUTATIONS OF EARNINGS PER SHARE Three Months Ended December 31, 2002 -------------------------------------------------------------------------------- Less Total Shares Unallocated Shares Used For Outstanding ESOP Shares EPS Calculation ----------- ----------- --------------- September 30, 2002 1,162,320 25,574 1,136,746 October 31, 2002 1,162,320 25,574 1,136,746 November 30, 2002 1,162,320 25,574 1,136,746 December 31, 2002 1,162,320 25,574 1,136,746 Weighted average number of shares outstanding for the quarter ended December 31, 2002, for earnings per share calculation 1,136,746 --------- Stock options outstanding at December 31, 2002: 151,776 ------- Exercise price of stock options: $9.39 per share --------------- Average stock price for three-month period: ended December 31, 2002 $11.50 ------ Three Months Ended December 31, ------------ Basic Earnings Per Share 2002 2001 ------------------------ ---- ---- Income available to common stockholders $ 433,233 $ 653,166 =========== =========== Weighted average number of common shares outstanding for basic EPS calculation $ 1,136,746 $ 1,123,979 =========== =========== Basic Earnings Per Share $ .38 $ .58 =========== =========== Diluted Earnings Per Share -------------------------- Income available to common stockholders $ 433,233 $ 653,166 =========== =========== Weighted average number of common shares outstanding for basic EPS calculation 1,136,746 1,123,979 Weighted average common shares issued under stock option plans 151,776 4,500 Less weighted average shares assumed repurchased with proceeds (123,964) (4,337) ----------- ----------- Weighted average number of common shares outstanding for diluted EPS calculation 1,164,558 1,124,142 =========== =========== Diluted Earnings Per Share $ .37 $ .58 =========== ===========