EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
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Three Months Ended Six Months Ended
June 30 June 30
(in thousands, except per share data) 1996 1995 1996 1995
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Primary:
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Actual shares outstanding 8,427 8,198 8,427 8,198
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Average shares outstanding 8,421 8,125 8,396 8,112
Net effect of dilutive stock options
based on the treasury stock method
using the average market price 356 385 349 379
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Total Shares Outstanding 8,777 8,510 8,745 8,491
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Net Income $ 5,605 $ 4,405 $ 10,910 $ 8,115
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Net Income Per Share $ 0.64 $ 0.52 $ 1.25 $ 0.96
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Fully Diluted:
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Actual shares outstanding 8,427 8,198 8,427 8,198
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Average shares outstanding 8,421 8,124 8,396 8,111
Net effect of dilutive stock options based
on the treasury stock method using the
average market price or quarter end price,
whichever is greater 361 400 361 400
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Total Shares Outstanding 8,782 8,524 8,757 8,511
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Net Income $ 5,605 $ 4,405 $ 10,910 $ 8,115
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Net Income Per Share $ 0.64 $ 0.52 $ 1.25 $ 0.95
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