Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Three Months Ended March 31
1996 1995
PRIMARY ---------------------------------
Average shares outstanding 31,390,830 31,076,704
Net effect of stock
options - based on the
treasury stock method using
average market price (1) (1)
---------------------------------
31,390,830 31,076,704
Net income (loss) $33,598 $34,276
Per-share amount $1.07 $1.10
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FULLY DILUTED
Average shares outstanding 31,390,830 31,076,704
Net effect of dilutive stock
options - based on the
treasury stock method using
the average quarterly market
price, if higher than exercise
price 388,822 149,901
---------------------------------
31,779,652 31,226,605
Net income (loss) $33,598 $34,276
Per-share amount $1.06 $1.10
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(1) Incremental number of shares excluded from calculation since they
do not have a dilutive effect.