Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Nine Months Ended Sept. 30 Three Months Ended Sept. 30
1996 1995 1996 1995
PRIMARY ----------------------------------------------------------------
Average shares outstanding 31,420,553 31,159,689 31,424,410 31,244,711
Net effect of stock
options - based on the
treasury stock method using
average market price (1) (1) (1) (1)
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31,420,553 31,159,689 31,424,410 31,244,711
Net income (loss) $99,907 $84,547 $31,785 $19,028
Per-share amount $3.18 $2.71 $1.01 $0.61
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FULLY DILUTED
Average shares outstanding 31,420,553 31,159,689 31,424,410 31,244,711
Net effect of dilutive stock
options - based on the
treasury stock method using
the average quarterly market
price, if higher than exercise
price 274,627 317,760 208,499 380,489
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31,695,180 31,477,449 31,632,909 31,625,200
Net income (loss) $99,907 $84,547 $31,785 $19,028
Per-share amount $3.15 $2.69 $1.00 $0.60
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(1) Incremental number of shares excluded from calculation since they
do not have a dilutive effect.