Exhibit 11

WSB FINANCIAL GROUP, INC.
(In thousands, except per share amounts)

Computation of Earnings (Loss) Per Share — Basic


	2008			2007			2006		2005		2004

Income (Loss) From Continuing Operations		($32,652	)		($5,200	)	$	3,885	$	2,412	$	1,340
Income (Loss) From Discontinued Operations, Net of Tax		0			0			0		0		0

Earnings (Loss) Before Cumulative Effect of a Change in Accounting Principal		($32,652	)		($5,200	)	$	3,885	$	2,412	$	1,340
Cumulative Effect of a Change in Accounting Principle, Net of Tax		0			0			0		0		0

Net Earnings (Loss)		($32,652	)		($5,200	)	$	3,885	$	2,412	$	1,340

Weighted Average Number of Shares Outstanding — Basic		5,574,853			5,565,123			2,870,022		2,642,628		2,270,211
Earnings (Loss) Per Share — Basic:
Continuing operations		($5.86	)		($0.93	)	$	1.35	$	0.91	$	0.59
Discontinued operations	$	0.00		$	0.00		$	0.00	$	0.00	$	0.00

Earnings (Loss) per share before cumulative effect of a change in accounting principle		($5.86	)		($0.93	)	$	1.35	$	0.91	$	0.59
Cumulative effect of a change in accounting principle	$	0.00		$	0.00		$	0.00	$	0.00	$	0.00

Earnings (Loss) Per Share — Basic		($5.86	)		($0.93	)	$	1.35	$	0.91	$	0.59

11-1

WSB FINANCIAL GROUP, INC.
(In thousands, except per share amounts)

Computation of Earnings (Loss) Per Share — Diluted


	2008			2007			2006			2005			2004

Income (Loss) From Continuing Operations		($32,652	)		($5,200	)	$	3,885		$	2,412		$	1,340
Income (Loss) From Discontinued Operations, Net of Tax		0			0			0			0			0

Earnings (Loss) Before Cumulative Effect of a Change in Accounting Principal		($32,652	)		($5,200	)	$	3,885		$	2,412		$	1,340
Cumulative Effect of a Change in Accounting Principle, Net of Tax		0			0			0			0			0

Net Earnings (Loss)		($32,652	)		($5,200	)	$	3,885		$	2,412		$	1,340

Weighted Average Number of Shares Outstanding		5,574,853			5,565,123			2,870,022			2,642,628			2,270,211
Net Shares Assumed to be Issued for Stock Options		0			0			415,600			282,464			159,366

Weighted Average Number of Shares Outstanding — Diluted		5,574,853			5,565,123			3,285,622			2,925,092			2,429,577
Earnings (Loss) Per Share — Diluted:
Continuing operations		($5.86	)		($0.93	)	$	1.18		$	0.82		$	0.55
Discontinued operations	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00

Earnings (loss) per share before cumulative effect of a change in accounting principle		($5.86	)		($0.93	)	$	1.18		$	0.82		$	0.55
Cumulative effect of a change in accounting principle	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00

Earnings (Loss) Per Share — Diluted		($5.86	)		($0.93	)	$	1.18		$	0.82		$	0.55

Earnings (Loss) Per Share — Basic		($5.86	)		($0.93	)	$	1.35		$	0.91		$	0.59

Dilutive Effect Per Share	$	0.00		$	0.00			($0.17	)		($0.09	)		($0.04	)

11-2

WSB Financial Group, Inc. 10-K