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## Note 6 - Earnings Per Common Share >. 

The calculations of earnings per common share for the years ended December 31, 2001, 2000 and 1999 follow: 

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Had compensation cost for the stock options granted during 2000 and 1999 been determined based on the fair value at the grant date (as a result of the requirement explained in Note 2 - Stock option plan), the Corporation’s net income and earnings per common share would have been reduced to the pro forma amounts indicated, as follow: 

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Management uses the binomial model for the computation of the fair value of each option granted to buy shares of the Corporation’s common stock. The fair value of each option granted during 2000 and 1999 was estimated using the following assumptions: weighted dividend growth of 0% (2000) and 22.38% (1999); expected life of 3.11 years (2000) and 10 years (1999); weighted expected volatility of 31.74% (2000) and 29.46% (1999); and weighted risk-free interest rate of 5.36% (2000) and 6.04% (1999). The weighted estimated fair value of the options granted was $5.50 (2000) and $6.54 (1999) per option. 

