EXHIBIT 11
EARNINGS PER SHARE COMPUTATIONS
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
1996 1995 1994
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PRIMARY EARNINGS (LOSS) PER SHARE
Earnings available for common shares and common stock equivalent shares
deemed to have a dilutive effect:
Earnings from operations.............................................. $ 42,964 44,677 2,704
Provision for cash dividends on preferred stock (Series B)............ (4,155) (4,522) (4,755)
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Net earnings (loss) available for common shares and common stock
equivalent shares deemed to have a dilutive effect.................... $ 38,809 40,155 (2,051)
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Primary earnings (loss) per share....................................... $ 2.98 2.84 (0.15)
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SHARES USED IN COMPUTATION
Weighted average common shares outstanding (net of treasury shares)..... 12,855,072 13,966,682 14,017,097
Common stock equivalents................................................ 182,043 156,950 --
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Total common shares and common stock equivalent shares deemed to have a
dilutive effect....................................................... 13,037,115 14,123,632 14,017,097
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FULLY DILUTED EARNINGS (LOSS) PER SHARE
Net earnings (loss) available for common shares and common stock
equivalent shares deemed to have a dilutive effect.................... $ 42,964 44,677 2,704
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Fully diluted earnings (loss) per share................................. $ 2.86 2.75 (0.15)
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SHARES USED IN COMPUTATION
Total common shares and common stock equivalent shares deemed to have a
dilutive effect....................................................... 13,037,115 14,123,632 14,017,097
Additional potentially dilutive securities (equivalent in common stock):
Convertible preferred stock (Series B)................................ 1,945,314 2,116,875 --
Stock options......................................................... 30,089 28,502 --
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Total................................................................. 15,012,518 16,269,009 14,017,097
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SUMMARY OF CASH DIVIDENDS DECLARED PER SHARE
Preferred-Series B...................................................... $ 1.69 1.69 1.69
Common.................................................................. $ 1.24 1.14 1.03
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