The computation of net income per share for the three months ended March 31,
1996 and 1995 is as follows: (000's omitted except per share data).
Three Months Ended
March 31,
(unaudited)
--------------------
1996 1995
-------- --------
Primary
Net income .................................. $ 22,003 $ 17,034
Add: Adjustments to net income
net of tax, related to convertible debentures (396) 00
-------- --------
Adjusted net income ......................... $ 21,607 $ 17,034
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Average common shares outstanding............ 30,947 29,181
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding to
purchase common shares ...................... 1,067 846
Conversion of debentures .................... 1,472 00
-------- --------
33,486 30,027
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Net income per share ........................ $ .65 $ .57
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Fully Diluted
Net income................................... $ 22,003 $ 17,034
Add:Adjustments to net income
net of tax, related to convertible debentures 3,272 5,521
-------- --------
Adjusted net income.......................... $ 25,275 $ 22,555
======== ========
Average common shares outstanding............ 30,947 29,181
Dilutive common equivalent shares
issuable upon the exercise of options
currently outstanding to purchase
common shares................................ 1,205 846
Conversion of Debentures..................... 7,177 7,584
-------- --------
39,329 37,611
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Net income per share......................... $ .64 $ .60
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