EXHIBIT 11
Earnings Per Share
In 1997, the Financial Accounting Standards Board issued Statement No. 128,
"Earnings per Share." Statement 128 replaced the calculation of primary and
fully diluted earnings per share with basic and diluted earnings per share.
Unlike primary earnings per share, basic earnings per share excludes any
dilutive effects of options, warrants and convertible securities. Diluted
earnings per share is very similar to the previously reported fully diluted
earnings per share. All earnings per share amounts for all periods have been
presented, and where appropriate, restated to conform to the Statement 128
requirements. The following table sets forth the computation of basic and
diluted earnings per share for the periods indicated:
Three
Year Months Year Ended
Ended Ended September 30,
Dec. 31, Dec. 31, ----------------------------
1997 1996 1996 1995
---------- --------- ------------- -------------
(In thousands, except per share data)
Numerator:
Net income $ 10,249 1,079 3,074 4,459
Denominator:
Basic earnings per share-weighted average shares 7,569,751 4,042,628 4,029,553 3,993,867
Effect of dilutive securities-stock options 545,245 182,130 170,037 165,580
Diluted earnings per share-adjusted weighted
average shares 8,114,996 4,224,758 4,199,590 4,159,447
Basic earnings per share $ 1.35 0.27 0.76 1.12
Diluted earnings per share $ 1.26 0.26 0.73 1.07