EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
(In thousands, except earnings per share)
TWELVE MONTHS ENDED
DECEMBER 31,
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1996 1995 1994
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Primary:
Average shares outstanding....................................................... 15,086 16,882 17,382
Net effect of the assumed exercise of stock options--based on the treasury stock
method using average market price.............................................. 394 116 0
Net effect of the assumed exercise of MRP's--based on the treasury stock method
using average market price..................................................... 155 46 0
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Average common & common stock equivalents........................................ 15,635 17,044 17,382
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Net income....................................................................... $ 11,912 $ 16,717 $ 11,055
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Earnings per share............................................................... $ 0 .76 $ 0.98 $ 0.37*
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Fully Diluted:
Average shares outstanding....................................................... 15,086 16,882 17,382
Net effect of the assumed exercise of stock options--based on the treasury stock
method using average market price.............................................. 598 169 0
Net effect of the assumed exercise of MRP's--based on the treasury stock method
using average market price..................................................... 198 54 0
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Average common & common stock equivalents........................................ 15,882 17,105 17,382
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Net income....................................................................... $ 11,912 $ 16,717 $ 11,055
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Earnings per share............................................................... $ 0.75 $ 0.98 $ 0.37*
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* Earnings per share of Common Stock are computed based on the weighted
average number of common shares outstanding of 17,382,035 and net income of
$6,468,000 from July 28, 1994 (date of conversion to stock form of
ownership) through December 31, 1994.