Exhibit 11
Earnings Per Share Computations
(thousands of dollars, except per share data)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1997 1996 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........................... $ 12,233 11,661 24,381 23,227
Provision for cash dividends on preferred
stock (Series B)................................. -- (1,061) (2,121)
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Net earnings available for common shares and
common stock equivalent shares deemed to have
a dilutive effect.................................. $ 12,233 10,600 24,381 21,106
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Primary earnings per share........................... $ 0.93 0.80 1.80 1.56
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SHARES USED IN COMPUTATION
Weighted average common shares outstanding
(net of treasury shares)........................... 13,029,829 13,147,457 13,352,949 13,332,060
Common stock equivalents............................. 179,943 181,074 184,368 182,736
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Total common shares and common stock equivalent
shares deemed to have a dilutive effect............ 13,209,772 13,328,531 13,537,317 13,514,796
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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.................................. $ 12,233 11,661 24,381 23,227
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Fully diluted earnings per share..................... $ 0.92 0.76 1.79 1.50
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SHARES USED IN COMPUTATION
Total common shares and common stock equivalent
shares deemed to have a dilutive effect............ 13,209,772 13,328,531 13,537,317 13,514,796
Additional potentially dilutive securities
(equivalent in common stock):
Convertible preferrred stock (Series B).......... -- 1,959,268 61,994 1,959,268
Stock options.................................... 18,239 827 38,910 1,153
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Total.......................................... 13,228,011 15,288,626 13,638,221 15,475,217
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SUMMARY OF CASH DIVIDENDS DECLARED PER SHARE
Preferred-Series B................................... $ -- .42 -- .84
Common............................................... .34 .30 .68 .60