Exhibit 11
Computation of Earnings Per Share
(Unaudited)
Basic Earnings Per Share
Three Months Ended Nine Months Ended
September 30, September 30,
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1998 1997 1998 1997
---- ---- ---- ----
Common shares outstanding entire period 26,567,616 26,813,857 26,567,616 26,813,857
Weighted average shares retired
upon redemption 32,625 51,274 136,304 123,442
------------ ------------ ------------ ------------
Total weighted average shares outstanding 26,600,241 26,865,131 26,703,920 $ 26,937,299
============ ============ ============ ============
Net income $ 2,867,133 $ 830,606 $ 7,292,192 $ 1,767,510
============ ============ ============ ============
Basic net income per share $ .11 $ .03 $ .27 $ .07
============ ============ ============ ============
Exhibit 11 (continued)
Computation of Earnings Per Share
Unaudited
Diluted Earnings Per Share
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------- -------------------------------
1998 1997 1998 1997
---- ---- ---- ----
Weighted average number of common
shares outstanding 26,600,241 26,865,131 26,703,920 26,937,299
Shares issuable pursuant to employee stock
option plan, less shares assumed
repurchased at the average estimated
fair value during the period 429,017 -- 249,333 --
Shares issuable pursuant to independent
Producer option plan, less shares
assumed repurchased at the average
estimated fair value during the period 234,655 -- 137,327 --
------------ ------------ ------------ ------------
Number of shares for computation of
diluted net income per share 27,263,913 26,865,131 27,090,580 26,937,299
============ ============ ============ ============
Net income $ 2,867,133 $ 830,606 $ 7,292,192 $ 1,767,510
============ ============ ============ ============
Diluted net income per share $ .11 $ .03 $ .27 $ .07
============ ============ ============= ============