Exhibit 11. Statement Re Computation of Per Share Earnings
(In 000's, except per share data)
Quarters ended September 30,
Primary 1997 1996
Earnings:
Net earnings $ 3,755 $ 3,633
Deduct dividends on preference stock 629 633
Net earnings applicable to common stock $ 3,126 $ 3,000
Shares:
Weighted average number of common
shares outstanding 14,778 14,742
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) 76 194
Weighted average number of shares
outstanding, as adjusted 14,854 14,936
Primary earnings per share $ 0.21 $ 0.20
Fully diluted
Earnings:
Net earnings $ 3,755 $ 3,633
Deduct dividends on preference stock (1) 629 633
Net earnings applicable to common stock $ 3,126 $ 3,000
Shares:
Weighted average number of common
shares outstanding 14,778 14,742
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) 99 194
Weighted average number of shares
outstanding, as adjusted 14,877 14,936
Fully diluted earnings per share $ 0.21 $ 0.20
Exhibit 11. Statement Re Computation of Per Share Earnings (continued)
(In 000's, except per share data)
Quarters ended September 30,
1997 1996
Additional Fully Diluted Computation (2)
Earnings:
Net earnings $ 3,755 $ 3,633
Shares:
Weighted average number of common shares
outstanding 14,778 14,742
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) 99 194
Shares issuable from assumed exercise of
convertible preference stock 1,662 1,682
Weighted average number of shares
outstanding, as adjusted 16,539 16,618
Fully diluted earnings per share $ 0.23 $ 0.22
(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.
Exhibit 11. Statement Re Computation of Per Share Earnings
(In 000's, except per share data)
Nine Months ended September 30,
Primary 1997 1996
Earnings:
Net earnings $ 9,141 $10,190
Deduct dividends on preference stock 1,888 1,899
Net earnings applicable to common stock $ 7,253 $ 8,291
Shares:
Weighted average number of common
shares outstanding 14,774 14,726
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) 77 153
Weighted average number of shares
outstanding, as adjusted 14,851 14,879
Primary earnings per share $ 0.49 $ 0.56
Fully diluted
Earnings:
Net earnings $ 9,141 $10,190
Deduct dividends on preference stock (1) 1,888 1,899
Net earnings applicable to common stock $ 7,253 $ 8,291
Shares:
Weighted average number of common
shares outstanding 14,774 14,726
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) 85 177
Weighted average number of shares
outstanding, as adjusted 14,859 14,903
Fully diluted earnings per share $ 0.49 $ 0.56
Exhibit 11. Statement Re Computation of Per Share Earnings (continued)
(In 000's, except per share data)
Nine Months ended September 30,
1997 1996
Additional Fully Diluted Computation (2)
Earnings:
Net earnings $ 9,141 $10,190
Shares:
Weighted average number of common shares
outstanding 14,774 14,726
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) 85 177
Shares issuable from assumed exercise of
convertible preference stock 1,663 1,682
Weighted average number of shares
outstanding, as adjusted 16,522 16,585
Fully diluted earnings per share $ 0.55 $ 0.61
(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.