EXHIBIT 11
Earnings Per Share Computations
(thousands of dollars, except per share data)
For the Three Months
Ended March 31,
1997 1996
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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............................ $ 12,148 $ 11,566
Provision for cash dividends on preferred
stock (Series B).................................. (1,060)
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Net earnings available for common shares
and common stock equivalent shares deemed
to have a dilutive effect........................... $ 12,148 10,506
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Primary earnings per share........................... $ 0.88 0.77
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Shares Used in Computation
Weighted average common shares outstanding
(net of treasury shares)............................ 13,679,660 13,523,012
Common stock equivalents............................. 184,415 184,422
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Total common shares and common stock
equivalent shares deemed to have a dilutive
effect............................................. 13,864,075 13,707,434
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Fully Diluted Earnings Per Share
Net earnings available for common shares
and common stock equivalent shares deemed
to have a dilutive effect........................... $ 12,148 11,566
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Fully diluted earnings per share..................... $ 0.87 0.74
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Shares Used in Computation
Total common shares and common stock
equivalent shares deemed to have a dilutive
effect.............................................. 13,864,075 13,707,434
Additional potentially dilutive securities
(equivalent in common stock):
Convertible preferred stock (Series B)............. 124,677 1,959,268
Stock options...................................... 39,410 13,689
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Total............................................. 14,028,162 15,680,391
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Summary of Cash Dividends Declared Per Share
Preferred-Series B................................... $ - .42
Common............................................... .34 .30