##### 



Exhibit 11
 WSB FINANCIAL GROUP, INC.
(In thousands, except per share amounts)
  2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Income From Continuing Operations
    
    $
    (5,200
    )
    
    $
    3,885
    
    
    $
    2,412
    
    
    $
    1,340
    
    
    $
    631Income (Loss) From Discontinued
Operations, Net of Tax
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Earnings Before Cumulative Effect
of a Change in Accounting
Principal
    
    
    (5,200
    )
    
    
    3,885
    
    
    
    2,412
    
    
    
    1,340
    
    
    
    631Cumulative Effect of a Change in
Accounting Principle, Net of Tax
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Net Earnings (Loss)
    
    $
    (5,200
    )
    
    $
    3,885
    
    
    $
    2,412
    
    
    $
    1,340
    
    
    $
    631Weighted Average Number of Shares
Outstanding  Basic
    
    
    5,565,123
    
    
    
    2,870,022
    
    
    
    2,642,628
    
    
    
    2,270,211
    
    
    
    1,734,434Earnings (Loss) Per Share  Basic:Continuing operations
    
    $
    (0.93
    )
    
    $
    1.35
    
    
    $
    0.91
    
    
    $
    0.59
    
    
    $
    0.36Discontinued operations
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00Earnings per share before
cumulative effect of a
change in accounting
principle
    
    
    (0.93
    )
    
    
    1.35
    
    
    
    0.91
    
    
    
    0.59
    
    
    
    0.36Cumulative effect of a
change in accounting
principle
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00Earnings (Loss) Per Share  Basic
    
    $
    (0.93
    )
    
    $
    1.35
    
    
    $
    0.91
    
    
    $
    0.59
    
    
    $
    0.36
 11-1




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##### 



WSB FINANCIAL GROUP, INC.
(In thousands, except per share amounts)
  2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Income (Loss) From Continuing
Operations
    
    $
    (5,200
    )
    
    $
    3,885
    
    
    $
    2,412
    
    
    $
    1,340
    
    
    $
    631Income (Loss) From Discontinued
Operations, Net of Tax
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Earnings (Loss) Before Cumulative
Effect of a Change in Accounting
Principal
    
    
    (5,200
    )
    
    
    3,885
    
    
    
    2,412
    
    
    
    1,340
    
    
    
    631Cumulative Effect of a Change in
Accounting Principle, Net of Tax
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Net Earnings (Loss)
    
    $
    (5,200
    )
    
    $
    3,885
    
    
    $
    2,412
    
    
    $
    1,340
    
    
    $
    631Weighted Average Number of Shares
Outstanding
    
    
    5,565,123
    
    
    
    2,870,022
    
    
    
    2,642,628
    
    
    
    2,270,211
    
    
    
    1,734,434Net Shares Assumed to be Issued for
Stock Options
    
    
    0
    
    
    
    415,600
    
    
    
    282,464
    
    
    
    159,366
    
    
    
    67,233Weighted Average Number of Shares
Outstanding  Diluted
    
    
    5,565,123
    
    
    
    3,285,622
    
    
    
    2,925,092
    
    
    
    2,429,577
    
    
    
    1,801,667Earnings (Loss) Per Share  Diluted:Continuing operations
    
    $
    (0.93
    )
    
    $
    1.18
    
    
    $
    0.82
    
    
    $
    0.55
    
    
    $
    0.35Discontinued operations
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00Earnings per share before
cumulative effect of a change
in accounting principle
    
    
    (0.93
    )
    
    
    1.18
    
    
    
    0.82
    
    
    
    0.55
    
    
    
    0.35Cumulative effect of a change
in accounting principle
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00Earnings (Loss) Per Share  Diluted
    
    $
    (0.93
    )
    
    $
    1.18
    
    
    $
    0.82
    
    
    $
    0.55
    
    
    $
    0.35Earnings (Loss) Per Share  Basic
    
    $
    (0.93
    )
    
    $
    1.35
    
    
    $
    0.91
    
    
    $
    0.59
    
    
    $
    0.36Dilutive Effect Per Share
    
    $
    (0.00
    )
    
    $
    (0.17
    )
    
    $
    (0.09
    )
    
    $
    (0.04
    )
    
    $
    (0.01
    )
 11-2