EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS:
Three months ended Six months ended
June 30, June 30,
1994 1993 1994 1993
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Primary:
Net earnings before cumulative
effect of a change in
accounting principle $ 7,582 $ 5,740 $ 11,737 $ 12,293
Cumulative effect of a change in
accounting principle 2,076
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Net earnings 7,582 5,740 13,813 12,293
Adjustment for dividends on
convertible preferred shares (616) (651) (1,245) (1,310)
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Adjusted net earnings $ 6,966 $ 5,089 $ 12,568 $ 10,983
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Weighted average common shares
outstanding 15,385,297 15,350,408 15,371,672 15,342,773
Common stock equivalents:
Stock options 44,606 44,940 86,194 54,960
Employee incentive plans 123,135 150,309 126,011 150,578
Restricted stock 0 9,504 0 9,948
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Total 15,553,038 15,555,161 15,583,877 15,558,259
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Primary earnings per common share
before cumulative effect of a
change in accounting principle $ 0.45 $ 0.33 $ 0.68 $ 0.71
Cumulative effect of a change
in accounting principle 0.13
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Primary earnings per common share$ 0.45 $ 0.33 $ 0.81 $ 0.71
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Fully-Diluted:
Net earnings before cumulative
effect of a change in
accounting principle $ 7,582 $ 5,740 $ 11,737 $ 12,293
Cumulative effect of a change in
accounting principle 2,076
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Net earnings 7,582 5,740 13,813 12,293
Adjustment for incremental
expense from conversion of
convertible preferred shares (272) (290) (549) (585)
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Adjusted net earnings $ 7,310 $ 5,450 $ 13,264 $ 11,708
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Weighted average common shares
outstanding 15,385,297 15,350,408 15,371,672 15,342,773
Common stock equivalents:
Stock options 44,606 44,940 86,194 54,960
Employee incentive plans 123,135 150,309 126,011 150,578
Restricted stock 18,815 16,080
Convertible preferred stock 1,127,250 1,182,097 1,136,816 1,188,181
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Total 16,680,288 16,746,569 16,720,693 16,752,572
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Fully diluted earnings per common share
before cumulative effect of a
change in accounting principle $ 0.44 $ 0.33 $ 0.66 $ 0.70
Cumulative effect of a change
in accounting principle 0.13
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Fully diluted earnings per
common share $ 0.44 $ 0.33 $ 0.79 $ 0.70
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