EXHIBIT 11.1
CALCULATION OF NET INCOME PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
For the three For the nine
months ended months ended
September 30, September 30,
----------------- ----------------
1997 1996 1997 1996
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Net income......................... $ 3,303 $ 2,838 $11,322 $11,789
Dividends paid on preferred stock.. - - - (1,531)
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Amount available to common
shareholders.................... $ 3,303 $ 2,838 $11,322 $10,258
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Weighted average number of common
shares outstanding.............. 36,789 32,025 36,632 30,695
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Net income per common share........ $ 0.09 $ 0.09 $ 0.31 $ 0.33
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CALCULATION OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
(IN THOUSANDS)
(UNAUDITED)
For the three For the nine
months ended months ended
September 30, September 30,
----------------- --------------
1997 1996 1997 1996
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Shares outstanding from beginning of
period.................................................. 35,607 28,704 35,217 28,150
158 and 547 stock options exercised in the three and
nine months ended September 30, 1997, respectively...... 53 - 306 -
504 and 1,058 stock options and warrants exercised in the
three and nine months ended September 30, 1996,
respectively............................................ - 210 - 380
Common shares issued in exchange for shares of General
Atlantic Resources, Inc................................. 3 - 1 -
1,845 common shares issued in conversion of
preferred stock, July 25, 1996.......................... - 1,344 - 451
Common stock equivalents of
stock options/(1)/...................................... 1,126 1,767 1,108 1,714
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36,789 32,025 36,632 30,695
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/(1)/ The calculation of common stock equivalents of stock options is based on
the "Treasury Method" as detailed in Accounting Principles Board Opinion
No. 15.