EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS:
(amounts in thousands, except share data)
Three months Six months
ended June 30, ended June 30,
1996 1995 1996 1995
------- -------- ------- -------
PRIMARY:
Net earnings (loss) from
continuing operations $ 5,427 $ (922) $ 6,366 $ (2,399)
Discontinued Operations 0 20,706 0 22,856
-------- --------- --------- --------
Net earnings 5,427 19,784 6,366 20,457
Adjustment for dividends
on convertible
preferred shares (499) (560) (1,009) (1,139)
-------- --------- --------- --------
Adjusted net earnings $ 4,928 $ 19,224 $ 5,357 19,318
======== ========= ========= ========
Weighted average common
shares outstanding 15,787,077 15,557,403 15,757,680 15,527,172
Common stock equivalents:
Stock options 42,288 18,088 43,178 6,084
Employee incentive plans 125,514 188,499 147,965 193,442
---------- ---------- ---------- ----------
Total 15,954,879 15,763,990 15,948,823 15,726,698
========== ========== ========== ==========
Primary earnings (loss)
per common share from
continuing operations $ 0.31 $ (0.09) $ 0.34 $(0.22)
Discontinued Operations 0.00 1.31 0.00 1.45
-------- -------- ------- -------
Primary earnings
per common share $ 0.31 $ 1.22 $ 0.34 $ 1.23
========= ======== ======= =======
FULLY-DILUTED:
Net earnings (loss) from
continuing operations $ 5,427 $ (922) $ 6,366 $ (2,399)
Discontinued Operations 0 20,706 0 22,856
------- -------- ------- -------
Net earnings 5,427 19,784 6,366 20,457
Adjustment for incremental
expense from conversion of
convertible preferred shares (1) (220) (249) 0 (505)
Adjustment for dividends
on convertible
preferred shares 0 0 (1,009) 0
---------- --------- -------- --------
Adjusted net earnings $ 5,207 $ 19,535 $ 5,357 $ 19,952
========== ========= ========= ========
Weighted average common
shares outstanding 15,787,077 15,557,403 15,757,680 15,527,172
Common stock equivalents:
Stock options 42,288 29,974 43,178 45,917
Employee incentive plans 125,514 188,499 147,965 193,442
Convertible preferred stock (1) 913,183 1,030,740 0 1,045,571
----------- ----------- ---------- ----------
Total 16,868,062 16,806,616 15,948,823 16,812,102
=========== =========== ========== ==========
Fully diluted earnings (loss)
per common share from
continuing operations $ 0.31 $ (0.07) $ 0.34 $ (0.17)
Discontinued Operations 0.00 1.23 0.00 1.36
------ ------- ------ ------
Fully diluted earnings
per common share $ 0.31 $ 1.16 $ 0.34 $ 1.19
======= ======= ======= =======
<FN>
(1) For the six months ended June 30, 1996, no adjustment was made to net
earnings for incremental dividends on preferred stock or to common stock
equivalents for convertible preferred stock as these adjustments would be
anti-dilutive.
</FN>
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