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EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
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TWELVE MONTHS ENDED
DECEMBER 31
(in thousands, except per share data) 1997 1996 1995
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Basic:
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Average shares outstanding 11,332 11,094 10,835
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Net Income $24,959 $26,188 $22,132
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Per Share Amount $ 2.20 $ 2.36 $ 2.04
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Diluted:
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Average shares outstanding 11,332 11,094 10,835
Net effect of dilutive stock options based
on the treasury stock method using the
average market price or quarter end price,
whichever is greater 453 570 593
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Total Shares Outstanding 11,785 11,664 11,428
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Net Income $24,959 $26,188 $22,132
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Per Share Amount $ 2.12 $ 2.25 $ 1.94
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Note: All amounts have been restated for the stock split declared on January
21, 1998, effective February 13, 1998, as mandated by SAB 4C and SFAS No. 128
para. 54. Additionally, amounts for 1996 and 1995, have been restated for the
5% stock dividends paid during 1997 and 1996, as applicable.