EXHIBIT 11
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Earnings Per Share
The following reconciles the numerators and denominators of the basic and
diluted earnings per share computations before the 15% stock dividend.
For the Three Months Ended For the Three Months Ended
June 30, 1999 June 30, 1998
(In thousands, except per share ----------------------------------- ------------------------------------
data and percentages) Class A Class B Total Class A Class B Total
- ------------------------------- ---------- ----------- ------- ---------- ---------- -------
Basic Numerator
- ---------------
Actual dividends declared .............. $ 713 $ 259 $ 972 $ 719 $ 252 $ 971
Basic allocation of undistributed
earnings from continuing operations ... 5,566 2,091 7,657 4,269 1,780 6,049
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Income from continuing operations ...... 6,279 2,350 8,629 4,988 2,032 7,020
Income from discontinued operations .... 582 219 801 (444) (185) (629)
---------- ---------- ------ ---------- ---------- -------
Net income ............................. $ 6,861 $ 2,569 $ 9,430 $ 4,544 $ 1,847 $ 6,391
========== ========== ====== ========== ========== =======
Basic Denominator
- -----------------
Weighted average shares outstanding .... 25,070,081 10,363,216 22,724,683 10,425,815
========== ========== ========== ==========
Allocation percentage .................. 72.80% 27.20% 70.57% 29.43%
========== ========== ========== ==========
Basic earnings per share ............... $ 0.27 $ 0.25 $ 0.20 $ 0.18
========== ========== ========== ==========
Diluted Numerator
- -----------------
Actual dividends declared .............. $ 713 $ 259 $ 972 $ 719 $ 252 $ 971
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Basic allocation of undistributed
earnings from continuing operations .. 5,566 2,091 7,657 4,269 1,780 6,049
Reallocation of basic undistributed
earnings due to change in
allocation percentage ................ 588 (588) 0 520 (520) 0
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Diluted allocated undistributed
earnings from continuing operations .. 6,154 1,503 7,657 4,789 1,260 6,049
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Interest expense on convertible debt ... 1,190 290 1,480 1,170 308 1,478
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Dilutive net income from continuing
operations ........................... 8,057 2,052 10,109 6,678 1,820 8,498
Dilutive net income from discontinued
operations ........................... 644 157 801 (498) (131) (629)
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Net income ............................. $ 8,701 $ 2,209 $10,910 $ 6,180 $ 1,689 $ 7,869
========== ========== ====== ========== ========== ======
Diluted Denominator
- -------------------
Basic weighted average shares
outstanding ........................... 25,070,081 10,363,216 22,724,683 10,425,815
Convertible debentures ................. 15,542,021 0 15,973,042 0
Options ................................ 280,338 618,628 622,875 958,833
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Diluted weighted average
shares outstanding ................... 40,892,440 10,981,844 39,320,600 11,384,648
========== ========== ========== ==========
Allocation percentage .................. 80.38% 19.62% 79.16% 20.84%
========== ========== ========== ==========
Diluted earnings per share ............. $ 0.21 $ 0.20 $ 0.16 $ 0.16
========== ========== ========== ==========
For the Six Months Ended For the Six Months Ended
June 30, 1999 June 30, 1998
(In thousands, except per share ----------------------------------- ----------------------------------
data and percentages) Class A Class B Total Class A Class B Total
- ------------------------------- ---------- ----------- ------- ---------- ---------- ------
Basic Numerator
- ---------------
Actual dividends declared ........... $ 1,423 $ 518 $ 1,941 $ 1,318 $ 507 $ 1,825
Basic allocation of undistributed
earnings from continuing operations 10,817 4,042 14,859 7,009 3,032 10,041
---------- ---------- ------ ---------- ---------- ------
Income from continuing operations ... 12,240 4,560 16,800 8,327 3,539 11,866
Income from discontinued operations . 583 218 801 (153) (66) (219)
---------- ---------- ------ ---------- ---------- -------
Net income .......................... $ 12,823 $ 4,778 $17,601 $ 8,174 $ 3,473 $11,647
========== ========== ====== ========== ========== ======
Basic Denominator
Weighted average shares outstanding . 25,205,483 10,361,476 22,269,820 10,596,437
========== ========== ========== ==========
Allocation percentage ............... 72.80% 27.20% 69.80% 30.20%
========== ========== ========== ==========
Basic earnings per share ............ $ 0.51 $ 0.46 $ 0.37 $ 0.33
========== ========== ========== ==========
Diluted Numerator
- -----------------
Actual dividends declared ........... $ 1,423 $ 518 $ 1,941 $ 1,318 $ 507 $ 1,825
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Basic allocation of undistributed
earnings from continuing operations 10,817 4,042 14,859 7,009 3,032 10,041
Reallocation of basic undistributed
earnings due to change in
allocation percentage .............. 1,133 (1,133) 0 892 (892) 0
---------- ---------- ------ ---------- ---------- ------
Diluted allocated undistributed
earnings from continuing operations 11,950 2,909 14,859 7,901 2,140 10,041
---------- ---------- ------ ---------- ---------- ------
Interest expense on convertible debt 2,389 582 2,971 2,373 643 3,016
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Dilutive net income from continuing
operations ......................... 15,762 4,009 19,771 11,592 3,290 14,882
Dilutive net income from discontinued
operations ........................ 644 157 801 (172) (47) (219)
---------- ---------- ------ ---------- ---------- -------
Net income .......................... $ 16,406 $ 4,166 $20,572 $ 11,420 $ 3,243 $14,663
========== ========== ====== ========== ========== ======
Diluted Denominator
Basic weighted average shares
outstanding ........................ 25,205,483 10,361,476 22,269,820 10,596,437
Convertible debentures .............. 15,542,021 0 16,138,597 0
Options ............................. 301,112 628,951 631,411 1,034,397
---------- ---------- ---------- ----------
Diluted weighted average
shares outstanding ................ 41,048,616 10,990,427 39,039,828 11,630,834
========== ========== ========== ==========
Allocation percentage ............... 80.42% 19.58% 78.69% 21.31%
========== ========== ========== ==========
Diluted earnings per share .......... $ 0.40 $ 0.38 $ 0.29 $ 0.28
========== ========== ========== ==========