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EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
1996 1995 1996 1995
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PRIMARY EARNINGS PER SHARE
Earnings available for common shares and common stock
equivalent shares deemed to have a dilutive effect:
Earnings from operations............................ $ 7,290 $ 12,666 $ 30,517 $ 32,727
Provision for cash dividends on preferred
stock (Series B)................................... (1,046) (1,104) (3,167) (3,460)
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Net earnings available for common shares
and common stock equivalent shares deemed
to have a dilutive effect........................... $ 6,244 $ 11,562 $ 27,350 $ 29,267
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Primary earnings per share............................ $ 0.49 $ 0.82 $ 2.06 $ 2.06
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SHARES USED IN COMPUTATION
Weighted average common shares outstanding
(net of treasury shares)............................ 12,578,410 14,008,042 13,081,118 14,046,134
Common stock equivalents.............................. 171,508 165,075 178,983 150,611
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Total common shares and common stock
equivalent shares deemed to have a dilutive
effect.............................................. 12,749,918 14,173,117 13,260,101 14,196,745
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FULLY DILUTED EARNINGS PER SHARE
Earnings available for common shares and
common stock equivalent shares deemed
to have a dilutive effect:
Earnings from operations............................ 7,290 12,666 30,517 32,727
Provision for cash dividends on preferred
stock (Series B).................................... (1,046)
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Net earnings available for common shares
and common stock equivalent shares deemed
to have a dilutive effect........................... 6,244 12,666 30,517 32,727
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Fully diluted earnings per share...................... $ 0.49 $ 0.78 $ 2.00 $ 2.00
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SHARES USED IN COMPUTATION
Total common shares and common stock
equivalent shares deemed to have a dilutive
effect............................................. 12,749,918 14,173,117 13,260,101 14,196,745
Additional potentially dilutive securities
(equivalent in common stock):
Convertible preferred stock (Series B)........... -- 2,087,742 1,954,395 2,156,511
Stock options.................................... 14,083 15,111 12,073 32,568
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Total......................................... 12,764,001 16,275,970 15,226,569 16,385,824
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SUMMARY OF CASH DIVIDENDS DECLARED PER SHARE
Preferred-Series B.................................... .42 .42 1.27 1.27
Common................................................ .30 .28 .90 .84