Exhibit 11

HECTOR COMMUNICATIONS CORPORATION AND SUBSIDIARIES
EXHIBIT 11
CALCULATION OF EARNINGS PER SHARE

	Three Months Ended September 30				Nine Months Ended September 30
	2003		2002		2003		2002
Basic:
Income before cumulative effect of change in accounting principle:
Continuing operations	$	1,007,970	$	1,086,573	$	3,030,174	$	2,206,541
Discontinued operations	209,505		242,227		881,854		944,689
Cumulative effect of accounting change	—		—		—		(3,146,569		)
Net income	$	1,217,475	$	1,328,800	$	3,912,028	$	4,661
Common shares:
Weighted average number of common shares outstanding	3,490,327		3,509,966		3,480,446		3,505,276
Net income per common share:
Before cumulative effect of change in accounting principle:
Continuing operations	$	.29	$	.31	$	.87	$	.63
Discontinued operations	.06		.07		.25		.27
Cumulative effect of accounting change	—		—		—		(.90		)
	$	.35	$	.38	$	1.12	$	—
Diluted:
Income before cumulative effect of change in accounting principle:
Continuing operations	$	1,007,970	$	1,086,573	$	3,030,174	$	2,206,541
Discontinued operations	209,505		242,227		881,854		944,689
Cumulative effect of accounting change	—		—		—		(3,146,569		)
Net income	$	1,217,475	$	1,328,800	$	3,912,028	$	4,661
Common and common equivalent shares:
Weighted average number of common shares outstanding	3,490,327		3,509,966		3,480,446		3,505,276
Dilutive effect of convertible preferred shares outstanding	220,100		220,100		220,100		220,100
Dilutive effect of stock options outstanding after application of treasury stock method	78,712		18,072		59,365		61,753
Dilutive effect of Employee Stock Purchase Plan shares subscribed	2,295		1,660		1,743		2,614
	3,791,434		3,749,798		3,761,654		3,789,743
Diluted net income per share:
Before cumulative effect of change in accounting principle:
Continuing operations	$	.27	$	.29	$	.81	$	.58
Discontinued operations	.05		.06		.23		.25
Cumulative effect of accounting change	—		—		—		(.83		)
	$	.32	$	.35	$	1.04	$	—

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