EX-11 3 ex11.htm EXHIBIT 11 Exhibit 11
Exhibit 11

FRONTIER FINANCIAL CORPORATION
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

   
2006
  
2005
  
2004
  
               
Net Income (in thousands)
  
$
68,910
  
$
51,584
  
$
43,045
  
                     
Computation of average shares outstanding:
                    
                     
Shares outstanding at beginning of year
    
42,657
   
42,177
   
41,738
 
                     
Average shares issued pursuant to merger
    
1,514
   
-
   
-
 
                     
Shares issued or repurchased during the year times average time outstanding during the year
    
839
   
305
   
189
 
Basic average shares outstanding
    
45,010
   
42,482
   
41,927
 
Average number of dilutive shares assumed to be outstanding (1)
    
475
   
261
   
279
 
                     
Average dilutive shares outstanding
    
45,485
   
42,743
   
42,206
 
                     
Basic earnings per share
  
$
1.53
  
$
1.21
  
$
1.03
  
                     
Diluted earnings per share
  
$
1.52
  
$
1.21
  
$
1.02