EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(In thousands, except per share data)
For the Quarter For the Six Months
Ended March 31, Ended March 31,
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1996 1997 1996 1997
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Net income....................................... $ 6,399 $29,870 $11,084 $48,181
Less: Accrual of preferred stock dividends....... (18) - (66) -
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Net income applicable to common stock............ $ 6,381 $29,870 $11,018 $48,181
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Average common shares outstanding................ 24,633 33,396 22,432 30,511
Common stock equivalents:
Warrants and options............................. 444 1,526 359 1,436
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Weighted average common and common
equivalent shares outstanding................... 25,077 34,922 22,791 31,947
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Primary net income per share of common stock..... $ 0.25 $ 0.86 $ 0.48 $ 1.51
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Net income:...................................... $ 6,399 $29,870 $11,084 $48,181
Add: Interest from convertible debt.............. - 1,267 - 3,034
Less: Accrual of preferred stock dividends....... (18) - (66) -
Tax effect on convertible debt interest...... - (482) - (1,153)
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Net income applicable to common stock............ $ 6,381 $30,655 $11,018 $50,062
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Average common shares outstanding................ 24,633 33,396 22,432 30,511
Common stock equivalents:
Warrants and options............................. 444 1,526 359 1,528
Convertible subordinated debts................... - 4,291 - 5,116
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Weighted average fully diluted common and
common equivalent shares outstanding............ 25,077 39,213 22,791 37,155
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Fully diluted net income per share of common
stock........................................... $ 0.25 $ 0.78 $ 0.48 $ 1.35
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