EXHIBIT 11
EARNINGS PER SHARE
Years Ended December 31
-----------------------------------------
1996 1995 1994
----------- ----------- -----------
Earnings before income taxes
and extraordinary items......... $96,379,000 $82,994,000 $61,991,000
Income taxes..................... 35,660,000 31,620,000 24,176,000
----------- ----------- -----------
Earnings before extraordinary
items........................... 60,719,000 51,374,000 37,815,000
Extraordinary items, net of
income taxes.................... (524,000) (717,000) --
----------- ----------- -----------
Net earnings..................... 60,195,000 50,657,000 37,815,000
Conversion of partner's interest
into common stock............... -- (46,364,000) --
----------- ----------- -----------
Net earnings available to
shareholders.................... $60,195,000 $4,293,000 $37,815,000
----------- ----------- -----------
----------- ----------- -----------
Weighted average common and
common equivalent shares,
as restated..................... 80,949,000 77,966,000 72,936,000
----------- ----------- -----------
----------- ----------- -----------
Earnings per common and common
equivalent share:
Earnings after conversion of
partner's interest into common
stock and before extraordinary
items.......................... $ .75 $ .07 $ .52
Extraordinary items, net of
income taxes................... (.01) (.01) --
----------- ----------- -----------
Net earnings available to
shareholders................... $ .74 $ .06 $ .52
----------- ----------- -----------
----------- ----------- -----------
Weighted average common
shares-assuming full dilution,
as restated..................... 81,003,000 78,030,000 73,031,000
----------- ----------- -----------
----------- ----------- -----------
Earnings after conversion of
partner's interest into common
stock and before extraordinary
items change.................. $ .75 $ .07 $ .52
Extraordinary items, net of
income taxes................... (.01) (.01) --
----------- ----------- -----------
Net earnings available to
shareholders................... $ .74 $ .06 $ .52
----------- ----------- -----------
----------- ----------- -----------