Page 34
EXHIBIT (11)
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
Year Ended December 31
-----------------------------------
1994 1993 1992
---------- ---------- ----------
Average number of shares outstanding 48,367,000 48,356,000 47,716,000
Net earnings $72,400,000 $60,205,000 $47,700,000
=========== =========== ===========
Earnings per share of common stock:
Net earnings $1.50 $1.25 $1.00
===== ===== =====
Primary:
Average shares outstanding 48,367,000 48,356,000 47,716,000
Net effect of dilutive stock options,
based on the treasury stock method
using average market price 737,000 536,000 1,173,000
----------- ---------- ----------
Total Primary Shares 49,104,000 48,892,000 48,889,000
========== ========== ==========
Fully Diluted:
Average shares outstanding 48,367,000 48,356,000 47,716,000
Net effect of dilutive stock options,
using the year-end market price, if
higher then average market price 770,000 586,000 1,199,000
__________ __________ __________
Total Fully Diluted Shares 49,137,000 48,942,000 48,915,000
========== ========== ==========
Note: Shares subject to stock options are not included in the earnings
per share computation because the present effect thereof is not
materially dilutive.