EX-11 3 dex11.htm EXHIBIT 11 Exhibit 11
 
EXHIBIT 11
 
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(In thousands, except Earnings per Share.
Adjusted for the four for three stock split in the form of a stock dividend that took place on August 24, 2001.)
 
      
Three Months Ended
      
September 30, 2002
     
September 30, 2001
Net income
     
$
423
     
$
121
Average Shares Outstanding
     
 
3,010
     
 
2,987
Basic Earnings Per Share
     
$
0.14
     
$
0.04
Net income
     
$
423
     
$
121
Average Shares Outstanding before the effect of options
     
 
3,010
     
 
2,987
Effect of Options
     
 
13
     
 
4
Average Shares Outstanding including options
     
 
3,023
     
 
2,991
Diluted Earnings Per Share
     
$
0.14
     
$
0.04
 
      
Nine Months Ended
      
September 30, 2002
     
September 30, 2001
Net income
     
$
798
     
$
322
Average Shares Outstanding
     
 
3,006
     
 
2,990
Basic Earnings Per Share
     
$
0.27
     
$
0.11
Net income
     
$
798
     
$
322
Average Shares Outstanding before the effect of options
     
 
3,006
     
 
2,990
Effect of Options
     
 
12
     
 
4
Average Shares Outstanding including options
     
 
3,018
     
 
2,994
Diluted Earnings Per Share
     
$
0.26
     
$
0.11