STOCK OPTION CALCULATION - EARNINGS PER SHARE
Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Six Months Ended June 30 Three Months Ended June 30
1995 1994 1995 1994
PRIMARY ---------------------------- ----------------------------
Average shares outstanding 31,117,222 30,890,262 31,155,318 30,922,092
Net effect of stock
options - based on the
treasury stock method using
average market price (1) (1) (1) (1)
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31,117,222 30,890,262 31,155,318 30,922,092
Net income (loss) $65,519 $28,380 $31,243 $20,634
Per-share amount $2.11 $0.92 $1.00 $0.67
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FULLY DILUTED
Average shares outstanding 31,117,222 30,890,262 31,155,318 30,922,092
Net effect of dilutive stock
options - based on the
treasury stock method using
the average quarterly market
price, if higher than exercise
price 287,893 129,307 441,574 107,740
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31,405,115 31,019,569 31,596,892 31,029,832
Net income (loss) $65,519 $28,380 $31,243 $20,634
Per-share amount $2.09 $0.91 $0.99 $0.66
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(1) Incremental number of shares excluded from calculation since they
do not have a dilutive effect.