EXHIBIT 11

HILLS BANCORPORATION							Exhibit 11
STATEMENT RE COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
	Year Ended December 31,
	2009			2008			2007
Shares of common stock, beginning		4,440,545			4,490,107			4,503,738
Shares of common stock, ending		4,422,274			4,440,545			4,490,107
Computation of weighted average number of basic and diluted shares:
Common shares outstanding at the beginning of the year		4,440,545			4,490,107			4,503,738
Weighted average number of net shares issued (redeemed)		(17,843	)		(22,122	)		(4,158	)
Weighted average shares outstanding (basic)		4,422,702			4,467,985			4,499,580
Weighted average of potential dilutive shares attributable to stock options granted, computed under the treasury stock method		12,812			15,202			19,495
Weighted average number of shares (diluted)		4,435,514			4,483,187			4,519,075
Net income (In Thousands)	$	15,985		$	14,140		$	16,143
Earnings per share:
Basic	$	3.61		$	3.16		$	3.59
Diluted	$	3.60		$	3.15		$	3.57
Dividends per common share	$	0.91		$	0.91		$	0.86