EXHIBIT 11.0

FIRST BELL BANCORP, INC.
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 and 2002
(unaudited, in thousands, except per share amounts)


	Three Months Ended June 30, 2003							Three Months Ended June 30, 2002
	Income		Weighted Average Shares			Per Share		Income		Weighted Average Shares			Per Share
Income available to Common stockholders	$	1,313		4,536			—	$	2,493		4,761			—
Unearned MRP shares		—		(181	)		—		—		(181	)		—
Unearned ESOP shares		—		(416	)		—		—		(458	)		—

Basic earnings per share		1,313		3,939		$	0.33		2,493		4,122		$	0.61
Effect of dilutive securities:		—		213			—		—		134			—

Stock options
Diluted earnings per share	$	1,313		4,152		$	0.32	$	2,493		4,256		$	0.59


	Six Months Ended June 30, 2003							Six Months Ended June 30, 2002
	Income		Weighted Average Shares			Per Share		Income		Weighted Average Shares			Per Share
Income available to Common stockholders	$	3,105		4,536			—	$	4,468		4,768			—
Unearned MRP shares		—		(181	)		—		—		(181	)		—
Unearned ESOP shares		—		(420	)		—		—		(455	)		—

Basic earnings per share		3,105		3,935		$	0.79		4,468		4,132		$	1.08
Effect of dilutive securities:		—		202			—		—		121			—

Stock options
Diluted earnings per share	$	3,105		4,137		$	0.75	$	4,468		4,253		$	1.05

FIRST BELL BANCORP INC 10-Q