EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE INCOME
(in thousands, except for earnings per share data)
1995 1996 1997
Basic Diluted Basic Diluted Basic Diluted
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Share calculation:
Average number of common shares
outstanding 8,342 8,342 8,481 8,481 7,824 7,824
Common stock equivalents due to
assumed exercise of options - 414 - 311 - 350
Common stock equivalents due to
assumed conversion of - 546 - 128 - -
preferred stock
Common stock equivalents due to
assumed conversion of - 568 - - - 1,582
convertible debt
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Total common shares and common
stock equivalents 8,342 9,871 8,481 8,920 7,824 9,756
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Adjustments to net income:
Net income $ 12,902 $ 12,902 $ 19,158 $ 19,158 $ 14,500 $ 14,500
Less: Preferred dividend
requirements based on average (335) - (64) - - -
number of preferred shares
Less: Interest expense net of tax - 237 - - - 1,187
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Net income available to common $ 12,567 $ 13,139 $ 19,094 $ 19,158 $ 14,500 $ 15,686
shareholders
Income per share $ 1.51 $ $ $ $ 1.85 $ 1.61
1.33 2.25 2.15
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