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Southwest
Bancorporation of Texas, Inc. and Subsidiaries The 401-K Plan allows for the Company to contribute up to 500,000 shares of common stock of the Company (valued at the approximate fair market value on the date of contribution) instead of cash. A total of 4,431 shares at $16.58 were issued to the 401-K Plan during the year ended December 31, 1999. No shares were issued to the 401-K Plan in 2000 and 1998. Prior to December 31, 2000, Citizens had a defined benefit pension plan covering substantially all of their employees. The benefits under the plan were based on years of service and the employee ’ final average monthly compensation. Effective December 31, 2000, the Company curtailed the defined benefit pension plan. Pursuant to the curtailment, no further benefits will be accrued under the plan from and after December 31, 2000 and no individual who is not currently a participant in the plan shall be eligible to become a participant in the plan. Each participant who is an employee at December 31, 2000 became 100% vested in their accrued benefit on December 31, 2000. The three wholly-owned subsidiary banks of Citizens had a profit sharing plan covering substantially all of their employees. The profit sharing plan was funded on an annual basis as determined by the Banks ’ Boards of Directors. Contributions to the profit sharing plan were $573, $681 and $655 for the years ended December 31, 2000, 1999 and 1998, respectively. Effective October 1, 2000, the profit sharing plan was converted to a 401(k) plan. 11. Earnings Per Common Share: Earnings per common share is computed as follows:
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