EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
YEAR ENDED DECEMBER 31
1998 1997 1996
------- ------- -------
(Amounts in thousands,
except per share amounts)
BASIC:
Average shares outstanding 13,486 13,427 13,388
Net income $26,046 $23,889 $22,003
======= ======= =======
Net income per common share $ 1.93 $ 1.78 $ 1.64
======= ======= =======
DILUTED:
Average shares outstanding 13,486 13,427 13,388
Net effect of the assumed exercise of
stock options-based on the treasury
stock method using average market price 150 159 194
------- ------- -------
13,636 13,586 13,582
======= ======= =======
Net income $26,046 $23,889 $22,003
======= ======= =======
Net income per common share $ 1.91 $ 1.76 $ 1.62
======= ======= =======