EXHIBIT 11.1
CALCULATION OF NET INCOME PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
1996 1995 1996 1995
-------- -------- -------- -------
Net income............................................ $ 5,235 $ 463 $ 8,951 $ 4,070
Dividends paid on preferred stock..................... 765 - 1,531 -
------- ------- ------- -------
Amount available to common shareholders............... $ 4,470 $ 463 $ 7,420 $ 4,070
======= ======= ======= =======
Weighted average number of common
shares outstanding.................................. 30,652 29,079 30,474 29,035
======= ======= ======= =======
Net income per common share........................... $ 0.15 $ 0.02 $ 0.24 $ 0.14
======= ======= ======= =======
CALCULATION OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
(IN THOUSANDS)
For the three months For the six months
ended June 30, ended June 30,
-------------------- ------------------
1996 1995 1996 1995
-------- -------- -------- -------
Shares outstanding from beginning of
period.............................................. 28,253 27,789 28,150 27,722
451 and 554 stock options and warrants
exercised in the three months and
six months ended June 30, 1996,
respectively........................................ 261 - 186 -
123 and 190 stock options exercised in
the three months and six months
ended June 30, 1995, respectively................... - 46 - 86
Common stock equivalents of stock
options /1/......................................... 2,138 1,244 2,138 1,227
------- ------- ------- -------
30,652 29,079 30,474 29,035
======= ======= ======= =======
/1/ The calculation of common stock equivalents of stock options and warrants
is based on the "Treasury Method" as detailed in Accounting Principles Board
Opinion No. 15.