EXHIBIT 11 - Statement Re: Computation of Earnings Per Share
Three Months Ended
March 31,
(In thousands) 1997 1996(1)
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Primary
Average shares outstanding ..................... 17,161 18,006
Common stock equivalents:
Net effect of the assumed
exercise of stock options and
stock warrants based on
average market price ....................... 377 453
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Primary average shares ............................. 17,538 18,459
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Net income applicable to common
shares ......................................... $ 3,956 $ 2,627
Primary net income per share ....................... $ .23 $ .14
Fully diluted
Average shares outstanding ..................... 17,161 18,006
Common stock equivalents:
Net effect of the assumed
exercise of stock options and
stock warrants based on end
of period market price ..................... 382 459
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Fully diluted average shares ....................... 17,543 18,465
======= =======
Net income applicable to common
shares ......................................... $ 3,956 $ 2,627
Fully diluted net income per share ................. $ .23 $ .14
<FN>
(1) Share figures for 1996 have been restated for the 10% stock dividend
issued in December 1996.
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