EXHIBIT 11 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Year Ended December 31, _____________________________________________ 1997 1996 1995 (in thousands, except per share data) Average shares outstanding 8,722 8,658 8,660 Net effect of dilutive stock options, based on the treasury stock method 3 25 39 _______ _______ _______ Total shares used in computation 8,725 8,683 8,699 ======= ======= ======= Net income $19,387 $16,498 $14,799 ======= ======= ======= Net income per share $ 2.22 $ 1.90 $ 1.70 ======== ======= =======