Exhibit 11. Statement Re Computation of Per Share Earnings
(In 000's, except per share data)
Quarters ended September 30,
Primary 1996 1995
Earnings:
Net earnings $ 3,633 $ 2,930
Deduct dividends on preference stock 633 633
Net earnings applicable to common stock $ 3,000 $ 2,297
Shares:
Weighted average number of common
shares outstanding 14,742 14,700
Dilutive effect of outstanding
options and rights (as determined
by the application of the treasury
stock method at the average market
price for the period) 194 189
Weighted average number of shares
outstanding, as adjusted 14,936 14,889
Primary earnings per share $ 0.20 $ 0.15
Fully diluted
Earnings:
Net earnings $ 3,633 $ 2,930
Deduct dividends on preference stock (1) 633 633
Net earnings applicable to common stock $ 3,000 $ 2,297
Shares:
Weighted average number of common
shares outstanding 14,742 14,700
Dilutive effect of outstanding
options and rights (as determined
by the application of the treasury
stock method at the higher of the
closing or the average market price
for the period) 194 189
Weighted average number of shares
outstanding, as adjusted 14,936 14,889
Fully diluted earnings per share $ 0.20 $ 0.15
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Exhibit 11. Statement Re Computation of Per Share Earnings (continued)
(In 000's, except per share data)
Quarters ended September 30,
Additional Fully Diluted Computation (2) 1996 1995
Earnings:
Net earnings $ 3,633 $ 2,930
Shares:
Weighted average number of common shares
outstanding 14,742 14,700
Dilutive effect of outstanding options and
rights (as determined by the application of
the treasury stock method at the higher of
the closing or average market price for
the period) 194 189
Shares issuable from assumed exercise of
convertible preference stock 1,682 1,682
Weighted average number of shares
outstanding, as adjusted 16,618 16,571
Fully diluted earnings per share $ 0.22 $ 0.18
(1) The inclusion of preference stock in the fully dilutive
computation would have an anti-dilutive effect on earnings per share.
(2) This calculation is submitted in accordance with Securities
Exchange Act of 1934, Regulation S-K, paragraph 229.601 (b)(11)
although it is contrary to paragraph 40 of APB Opinion No. 15 because
it produces an anti-dilutive result.
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Exhibit 11. Statement Re Computation of Per Share Earnings
(In 000's, except per share data)
Nine Months ended September 30,
Primary 1996 1995
Earnings:
Net earnings $10,190 $ 8,183
Deduct dividends on preference stock 1,899 1,901
Net earnings applicable to common stock $ 8,291 $ 6,282
Shares:
Weighted average number of common
shares outstanding 14,726 14,771
Dilutive effect of outstanding
options and rights (as determined
by the application of the treasury
stock method at the average market
price for the period) 153 125
Weighted average number of shares
outstanding, as adjusted 14,879 14,896
Net earnings per share $ 0.56 $ .42
Fully diluted
Earnings:
Net earnings $10,190 $ 8,183
Deduct dividends on preference stock (1) 1,899 1,901
Net earnings applicable to common stock $ 8,291 $ 6,282
Shares:
Weighted average number of common
shares outstanding 14,726 14,771
Dilutive effect of outstanding
options and rights (as determined
by the application of the treasury
stock method at the higher of the
closing or the average market price
for the period) 177 125
Weighted average number of shares
outstanding, as adjusted 14,903 14,896
Fully diluted earnings per share: $ 0.56 $ 0.42
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Exhibit 11. Statement Re Computation of Per Share Earnings (continued)
(In 000's, except per share data)
Nine Months ended September 30,
1996 1995
Additional Fully Diluted Computation (2)
Earnings:
Net earnings $10,190 $ 8,183
Shares:
Weighted average number of common shares
outstanding 14,726 14,771
Dilutive effect of outstanding options and
rights (as determined by the application of
the treasury stock method at the higher of
the closing or average market price for
the period) 177 125
Shares issuable from assumed exercise of
convertible preference stock 1,682 1,686
Weighted average number of shares
outstanding, as adjusted 16,585 16,582
Fully diluted earnings per share $ 0.61 $ 0.49
(1) The inclusion of preference stock in the fully dilutive
computation would have an anti-dilutive effect on earnings per share.
(2) This calculation is submitted in accordance with Securities
Exchange Act of 1934, Regulation S-K, paragraph 229.601 (b)(11)
although it is contrary to paragraph 40 of APB Opinion No. 15 because
it produces an anti-dilutive result.
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