EXHIBIT 11.01
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(AS RESTATED)
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1992 1993 1994 1995 1996
PRIMARY EARNINGS PER SHARE:
NUMBER OF SHARES OF COMMON STOCK
OUTSTANDING AT THE BEGINNING OF
PERIOD 19,149 19,149 20,849 20,849 20,856
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK ISSUED DURING THE
PERIOD - 256 - 2 120
WEIGHTED AVERAGE NUMBER OF SHARES
ATTRIBUTED TO OPTIONS - - - 265 732
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING
DURING THE PERIOD FOR COMPUTATION
OF PRIMARY EARNINGS PER SHARE 19,149 19,405 20,849 21,116 21,708
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FULLY DILUTED EARNINGS PER SHARE:
NUMBER OF SHARES OF COMMON STOCK
OUTSTANDING AT THE BEGINNING OF
PERIOD 19,149 19,149 20,849 20,849 20,856
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK ISSUED DURING THE
PERIOD - 256 - 2 120
WEIGHTED AVERAGE NUMBER OF CONVERTIBLE
PREFERRED STOCK ISSUED DURING THE
PERIOD - - - - 264
WEIGHTED AVERAGE NUMBER OF SHARES
ATTRIBUTED TO OPTIONS - - - 293 846
WEIGHTED AVERAGE NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING
DURING THE PERIOD FOR COMPUTATION
OF FULLY DILUTED EARNINGS PER SHARE 19,149 19,405 20,849 21,144 22,086
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NET INCOME APPLICABLE TO
COMMON SHARES $7,850 $8,618 $7,827 $10,935 $15,237
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NET INCOME PER COMMON SHARE:
PRIMARY $ 0.41 $ 0.44 $ 0.38 $ 0.52 $ 0.70
========= ========== ========= =========== ==========
FULLY DILUTED $ 0.41 $ 0.44 $ 0.38 $ 0.52 $ 0.69
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At August 31, 1994, Options for 1,155,000 shares (after effect of stock splits)
of D&PL Common Stock were granted at exercise prices of 8 5/16 and 8 13/16.
These options are exercisable over five years commencing in March 1995. They are
not included in the calculations above until 1995 because the deemed exercise of
these options would be antidilutive and/or the impact was less than 3%.