EXHIBIT 11.1

QUAKER CITY BANCORP, INC.

COMPUTATION OF EARNINGS PER SHARE

		Three Months Ended March 31, 2004		Nine Months Ended March 31, 2004
A	Average common shares outstanding		6,228,208		6,237,497
B	Net earnings for period	$	5,976,000	$	16,825,000
	Basic earnings per share [ B / A ]	$	0.96	$	2.70
	Common share equivalents:
C	Average stock options outstanding		661,115		684,879
D	Average option exercise price	$	21.66	$	21.51
E	Exercise proceeds [ C x D ]	$	14,319,751	$	14,731,747
F	Tax benefit on non-qualified options	$	6,848,127	$	6,205,430
G	Total exercise proceeds [ E + F ]	$	21,167,878	$	20,937,177
H	Average market price in period	$	46.32	$	43.19
I	Shares repurchased at market price [ G / H ]		456,992		484,769
J	Increase in common shares [ C - I ]		204,123		200,110
K	Shares outstanding and equivalents [ A + J ]		6,432,331		6,437,607
L	Net earnings for period	$	5,976,000		16,825,000
	Diluted earnings per share [ L / K ]	$	0.93	$	2.61