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EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
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Three Months Ended
March 31
(in thousands, except per share data) 1997 1996
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Primary:
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Actual shares outstanding 8,591 8,015
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Average shares outstanding 8,567 8,370
Net effect of dilutive stock options
based on the treasury stock method
using the average market price 324 347
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Total Shares Outstanding 8,891 8,717
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Net Income $ 6,515 $ 5,305
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Net Income Per Share $ 0.73 $ 0.61
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Fully Diluted:
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Actual shares outstanding 8,591 8,015
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Average shares outstanding 8,567 8,370
Net effect of dilutive stock options based
on the treasury stock method using the
average market price or quarter end price,
whichever is greater 324 366
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Total Shares Outstanding 8,891 8,736
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Net Income $ 6,515 $ 5,305
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Net Income Per Share $ 0.73 $ 0.61
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EPS amounts for 1996 have been restated for the 5% stock dividend in the second
quarter of 1996.
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