Exhibit 11.0 – Computation of Basic and Diluted Earnings Per Share
This document outlines how basic and diluted earnings per share (EPS) are calculated for the company for the three- and six-month periods ending June 30, 1999 and 2000. It explains that basic EPS is determined by dividing net income by the weighted average number of common shares outstanding, while diluted EPS adjusts for the potential impact of stock options. The calculations and results for each period are provided, showing no dilutive effect from stock options during these periods.
Exhibit 11.0 - Computation of Per Share Earnings
Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income by average number of shares adjusted for the dilutive effect of outstanding stock options. ESOP shares are only considered outstanding for earnings per share calculations when they are committed to be released.
Presented below are the calculations for the basic and diluted earnings per share:
| | Three Months Ended June 30, 2000 | Three Months Ended June 30, 1999 | Six Months Ended June 30, 2000 | Six Months Ended June 30, 1999 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Basic: | ||||||||||
| Net income | $ | 999,408 | 1,077,583 | 1,962,285 | 2,111,869 | |||||
| Weighted average shares outstanding | | | 4,377,411 | | 6,066,897 | | 4,455,257 | | 6,314,191 | |
| Basic earnings per share | | $ | 0.23 | | 0.18 | | 0.44 | | 0.33 | |
| Diluted: | | | | | | | | | | |
| Net income | | $ | 999,408 | | 1,077,583 | | 1,962,285 | | 2,111,869 | |
| Weighted average shares outstanding | | | 4,377,411 | | 6,066,897 | | 4,455,257 | | 6,314,191 | |
| Effect of dilutive stock options outstanding | — | — | — | — | ||||||
| Diluted weighted average shares outstanding | 4,377,411 | 6,066,897 | 4,455,257 | 6,314,191 | ||||||
| Diluted earnings per share | | $ | 0.23 | | 0.18 | | 0.44 | | 0.33 | |
