EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS:
(amounts in thousands, except share data)
Three months Nine months
ended September 30, ended September 30,
1996 1995 1996 1995
------- -------- ------- -------
PRIMARY:
Net earnings (loss) from
continuing operations $ 4,477 $ 678 $ 10,843 $ (1,721)
Discontinued Operations 0 0 0 22,856
-------- --------- --------- --------
Net earnings 4,477 678 10,843 21,135
Adjustment for dividends
on convertible
preferred shares (490) (533) (1,499) (1,672)
-------- --------- --------- --------
Adjusted net earnings $ 3,987 $ 145 $ 9,344 $ 19,463
======== ========= ========= ========
Weighted average common
shares outstanding 15,807,205 15,619,055 15,774,188 15,558,096
Common stock equivalents:
Stock options 1,970 16,513 17,303 8,346
Employee incentive plans 125,514 176,710 140,482 185,592
---------- ---------- ---------- ----------
Total 15,934,689 15,812,278 15,931,973 15,752,034
========== ========== ========== ==========
Primary earnings (loss)
per common share from
continuing operations $ 0.25 $ 0.01 $ 0.59 $(0.21)
Discontinued Operations 0.00 0.00 0.00 1.45
-------- -------- ------- -------
Primary earnings
per common share $ 0.25 $ 0.01 $ 0.59 $ 1.24
========= ======== ====== =======
FULLY-DILUTED:
Net earnings (loss) from
continuing operations $ 4,477 $ 678 $ 10,843 $ (1,721)
Discontinued Operations 0 0 0 22,856
------- -------- ------- -------
Net earnings 4,477 678 10,843 21,135
Adjustment for incremental
expense from conversion of
convertible preferred shares (1) 0 0 0 (744)
Adjustment for dividends
on convertible
preferred shares (490) (533) (1,499) 0
--------- --------- -------- --------
Adjusted net earnings $ 3,987 $ 145 $ 9,344 $ 20,391
========== ========= ========= ========
Weighted average common
shares outstanding 15,807,205 15,619,055 15,774,188 15,558,096
Common stock equivalents:
Stock options 1,970 16,513 17,303 16,907
Employee incentive plans 125,514 176,710 140,482 185,592
Convertible preferred stock (1) 0 0 0 1,026,718
----------- ----------- ---------- ----------
Total 15,934,689 15,812,278 15,931,973 16,787,313
=========== =========== ========== ==========
Fully diluted earnings (loss)
per common share from
continuing operations $ 0.25 $ 0.01 $ 0.59 $ (0.15)
Discontinued Operations 0.00 0.00 0.00 1.36
------ ------- ------ ------
Fully diluted earnings
per common share $ 0.25 $ 0.01 $ 0.59 $ 1.21
======= ======= ======= =======
<FN>
(1) For the three months ended September 30, 1996 and 1995 and the nine
months ended September 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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