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| HILLS BANCORPORATION                                                                                                                                                                            |   |                    | Exhibit 11 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|------------|--------|
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |
| STATEMENT RE COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE                                                                                                                                |   |                    |       |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |
|                                                                                                                                                                                            |   | Year Ended December 31, |       |
|                                                                                                                                                                                            |   | 2010                    |       |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |
| Shares of common stock, beginning                                                                                                                                                               |   |                    | 4,422,274  |   |   |   | 4,440,545 |   |   |   | 4,490,107 |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |   |   |   |
| Shares of common stock, ending                                                                                                                                                                  |   |                    | 4,398,337  |   |   |   | 4,422,274 |   |   |   | 4,440,545 |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |   |   |   |
| Computation of weighted average number of basic and diluted shares:                                                                                                                             |   |                    |       |   |   |   |   |   |   |   |   |   |
|     Common shares outstanding at the beginning of the year                                                                                                                  |   |                    | 4,422,274  |   |   |   | 4,440,545 |   |   |   | 4,490,107 |   |
|     Weighted average number of net shares issued (redeemed)                                                                                                                 |   |                    | (14,984    | )      |   |   | (17,843 | ) |   |   | (22,122 | ) |
|        Weighted average shares outstanding (basic)                                                                                                           |   |                    | 4,407,290  |   |   |   | 4,422,702 |   |   |   | 4,467,985 |   |
|     Weighted average of potential dilutive shares attributable to stock options granted, computed under        the treasury stock method |   |                    | 10,968     |   |   |   | 12,812 |   |   |   | 15,202 |   |
|        Weighted average number of shares (diluted)                                                                                                           |   |                    | 4,418,258  |   |   |   | 4,435,514 |   |   |   | 4,483,187 |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |   |   |   |
| Net income (In Thousands)                                                                                                                                                                       |   | $                       | 23,316     |   |   | $ | 15,985 |   |   | $ | 14,140 |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |   |   |   |
| Earnings per share:                                                                                                                                                                             |   |                    |       |   |   |   |   |   |   |   |   |   |
|     Basic                                                                                                                                                                   |   | $                       | 5.29       |   |   | $ | 3.61 |   |   | $ | 3.16 |   |
|     Diluted                                                                                                                                                                 |   | $                       | 5.28       |   |   | $ | 3.60 |   |   | $ | 3.15 |   |
|                                                                                                                                                                                            |   |                    |       |   |   |   |   |   |   |   |   |   |
| Dividends per common share                                                                                                                                                                      |   | $                       | 0.91       |   |   | $ | 0.91 |   |   | $ | 0.91 |   |

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