EXHIBIT 11. COMPUTATION OF PER SHARE EARNINGS
The computation of net income per share for the three and nine months ended
September 30, 1996 and 1995 is as follows: (000's omitted except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
(UNAUDITED) (UNAUDITED)
1996 1995 1996 1995
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PRIMARY
Net income $ 20,835 $ 16,933 $ 57,731 $ 47,861
Add: Adjustments to net income
related to convertible debentures, net of tax 303 282 (466) 0
-------- -------- -------- --------
Adjusted net income $ 21,138 $ 17,215 $ 57,265 $ 47,861
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Average common shares outstanding 32,860 30,239 31,681 29,383
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding to
purchase common shares 1,021 1,007 1,169 888
Conversion of Debentures 1,472 1,556 1,472 0
-------- -------- -------- --------
35,353 32,802 34,322 30,271
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Net income per share $ 0.60 $ 0.52 $ 1.67 $ 1.58
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FULLY DILUTED
Net income $ 20,835 $ 16,933 $ 57,731 $ 47,861
Add: Adjustments to net income
related to
convertible debentures, net of tax 3,126 2,691 7,415 10,315
-------- -------- -------- --------
Adjusted net income $ 23,961 $ 19,624 $ 65,146 $ 58,176
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Average common shares outstanding 32,860 30,239 31,681 29,383
Dilutive common equivalent shares
issuable upon the exercise of options
currently outstanding to purchase
common shares 1,021 1,252 1,181 1,306
Conversion of Debentures 6,684 7,202 6,684 7,202
-------- -------- -------- --------
40,565 38,693 39,546 37,891
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Net income per share $ 0.59 $ 0.51 $ 1.65 $ 1.54
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