1
EXHIBIT 11.1
COMPUTATION OF EARNINGS PER COMMON SHARE
The following table illustrates the computation of basic and diluted
earnings per common share:
Three Months Ended Six Months Ended
----------------------- ----------------------
June 30, June 30, June 30, June 30,
1998 1997(1) 1998 1997(1)
-------- -------- -------- --------
Numerator:
Numerator for basic and diluted earnings per
common share -- net earnings $ 2,454 $ 1,100 $ 4,203 $ 2,245
======= ======= ======= =======
Denominator:
Denominator for basic earnings per common
share -- weighted average number of common
shares outstanding during the period 15,297 12,948 14,825 12,948
Incremental common shares attributable to
outstanding stock options 333 -- 217 --
------- ------- ------- -------
Denominator for diluted earnings per common share 15,630 12,948 $15,042 $12,948
======= ======= ======= =======
Basic earnings per common share $ 0.16 $ 0.08 $ 0.28 $ 0.17
======= ======= ======= =======
Diluted earnings per common share $ 0.16 $ 0.08 $ 0.28 $ 0.17
======= ======= ======= =======
- ----------
(1) Based on pro forma net earnings.