Exhibit (11) - Computation of Earnings Per Share Three Months Ended Nine Months Ended September 30 September 30 ------------------------- ------------------------- 1999 1998 1999 1998 ---- ---- ---- ---- Basic: Average shares outstanding 18,033,679 18,318,644 18,081,394 18,304,493 Net earnings applicable to common stock and common stock equivalents $ 2,850,000 $ 929,000 $15,542,000 $11,520,000 Basic earnings per share $ 0.16 $ 0.05 $ 0.86 $ 0.63 Diluted: Average shares outstanding 18,033,679 18,318,644 18,081,394 18,304,493 Net effect of dilutive stock options based on treasury stock method using the average market price to common stock and common stock equivalents 64,853 76,385 37,900 106,353 ----------- ----------- ----------- ----------- Average number of common shares and common equivalent shares 18,098,532 18,395,029 18,119,294 18,410,846 =========== =========== =========== =========== Net earnings applicable to common stock and common stock equivalents $ 2,850,000 $ 929,000 $15,542,000 $11,520,000 Diluted earnings per share $ 0.16 $ 0.05 $ 0.86 $ 0.63