EXHIBIT 11 Statement Re: Computation of Basic and Diluted Earnings Per Share (Unaudited) Three Months Year Ended (In thousands, except per Ended December 31, December 31 share data) 1999 1998 1999 1998 ____ ____ ____ ____ BASIC EARNINGS PER SHARE Net Income $ 7,084 $ 6,130 $27,172 $23,349 ======= ======= ======= ======= Weighted average shares 13,708 13,770 13,732 13,703 outstanding ======= ======= ======= ======= Basic earnings per share $ .52 $ .45 $ 1.98 $ 1.70 ======= ======= ======= ======== DILUTED EARNINGS PER SHARE Weighted average number of 13,708 13,770 13,732 13,703 shares outstanding Net effect of dilutive stock options, based on the treasury stock method 4 1 4 1 _______ _______ _______ ______ Total diluted shares used in computation 13,712 13,771 13,736 13,704 ======= ======= ======= ======= Diluted earnings per share $ .52 $ .44 $ 1.98 $ 1.70 ======= ======= ======= ========