Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Six Months Ended June 30 Three Months Ended June 30
1996 1995 1996 1995
PRIMARY ------------------------------------------------------------------
Average shares outstanding 31,433,288 31,117,222 31,480,612 31,155,318
Net effect of stock
options - based on the
treasury stock method using
average market price (1) (1) (1) (1)
------------------------------------------------------------------
31,433,288 31,117,222 31,480,612 31,155,318
Net income (loss) $68,122 $65,519 $34,524 $31,243
Per-share amount $2.17 $2.11 $1.10 $1.00
===== ===== ===== =====
FULLY DILUTED
Average shares outstanding 31,433,288 31,117,222 31,480,612 31,155,318
Net effect of dilutive stock
options - based on the
treasury stock method using
the average quarterly market
price, if higher than exercise
price 305,639 287,893 210,145 441,574
------------------------------------------------------------------
31,738,927 31,405,115 31,690,757 31,596,892
Net income (loss) $68,122 $65,519 $34,524 $31,243
Per-share amount $2.15 $2.09 $1.09 $0.99
===== ===== ===== =====
(1) Incremental number of shares excluded from calculation since they
do not have a dilutive effect.