EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
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Three Months Ended Nine Months Ended
September 30 September 30
(in thousands, except per share data) 1996 1995 1996 1995
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Primary:
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Actual shares outstanding 8,459 7,884 8,459 7,884
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Average shares outstanding 8,447 8,245 8,413 8,174
Net effect of dilutive stock options
based on the treasury stock method
using the average market price 346 402 336 376
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Total Shares Outstanding 8,793 8,647 8,749 8,550
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Net Income $ 5,905 $ 4,810 $16,815 $12,925
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Net Income Per Share $ 0.67 $ 0.56 $ 1.92 $ 1.51
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Fully Diluted:
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Actual shares outstanding 8,459 7,884 8,459 7,884
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Average shares outstanding 8,447 8,245 8,413 8,174
Net effect of dilutive stock options based
on the treasury stock method using the
average market price or quarter end price,
whichever is greater 361 409 362 409
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Total Shares Outstanding 8,808 8,654 8,775 8,583
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Net Income $ 5,905 $ 4,810 $16,815 $12,925
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Net Income Per Share $ 0.67 $ 0.56 $ 1.92 $ 1.51
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