COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
March 31
1994 1993
__________________
(Thousands of dollars,
except per share data)
PRIMARY
Average shares outstanding 30,860,158 30,562,890
Net effect of stock
options - based on the
treasury stock method
using average market price (1) (1)
__________ __________
TOTAL 30,860,158 30,562,890
========== ==========
Net income (loss) $7,746 $(251,081)
====== ==========
Per-share amount $0.25 $(8.22)
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FULLY DILUTED
Average shares outstanding 30,860,158 30,562,890
Net effect of dilutive
stock options - based
on the treasury stock
method using the average
quarterly market price,
if higher than exercise
price 150,257 48,471
__________ __________
TOTAL 31,010,415 30,611,361
========== ==========
NET INCOME (LOSS) $7,746 $(251,081)
====== ==========
Per-share amount $0.25 $(8.20)
===== =======
(1) Incremental number of shares excluded from calculation since they do not
have a dilutive effect.
EXHIBIT 11