EXHIBIT 11. COMPUTATION OF PER SHARE EARNINGS
The computation of net income per share for the three and six months ended
June 30, 1996 and 1995 is as follows: (000's omitted except per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
(UNAUDITED) (UNAUDITED)
1996 1995 1996 1995
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PRIMARY
Net income $ 14,893 $ 13,894 $ 36,896 $ 30,928
Add: Adjustments to net income
net of tax, related to convertible debentures (398) 122 (725) 00
--------- --------- --------- ----------
Adjusted net income $ 14,495 $ 14,016 $ 36,171 $ 30,928
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Average common shares outstanding 31,515 29,539 31,085 29,040
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding to
purchase common shares 1,383 767 1,243 816
Conversion of Debentures 1,472 1,558 1,472 00
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34,370 31,864 33,800 29,856
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Net income per share $ 0.42 $ 0.44 $ 1.07 $ 1.04
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FULLY DILUTED
Net income $ 14,893 $ 13,894 $ 36,896 $ 30,928
Add: Adjustments to net income
net of tax, related to
convertible debentures 1,433 2,216 2,831 7,214
--------- --------- --------- ---------
Adjusted net income $ 16,326 $ 16,110 $ 39,727 $ 38,142
========= ========= ========= =========
Average common shares outstanding 31,515 29,539 31,085 29,040
Dilutive common equivalent shares
issuable upon the exercise of options
currently outstanding to purchase
common shares 1,387 767 1,336 816
Conversion of Debentures 6,684 7,203 6,684 7,203
--------- --------- --------- ---------
39,586 37,509 39,105 37,059
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Net income per share $ 0.41 $ 0.43 $ 1.02 $ 1.03
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