The computation of net income per share for the three months ended March 31,
1997 and 1996 is as follows: (000's omitted except per share data)
THREE MONTHS ENDED
MARCH 31,
(UNAUDITED)
--------------------------
1997 1996
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PRIMARY
Net income $ 22,312 $ 22,003
Add: Adjustments to net income
net of tax, related to convertible debentures (723) (396)
Adjustments to net income related
to the stated and embedded dividends
on the Series B preferred stock (3,309) 00
----------- -----------
Adjusted net income $ 18,280 $ 21,607
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Average common shares outstanding 34,066 30,947
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding to
purchase common shares 1,101 1,067
Conversion of debentures 1,472 1,472
Put option common stock equivalents 39 00
----------- -----------
36,678 33,486
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Net income per share $ .50 $ .65
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FULLY DILUTED
Net income $ 22,312 $ 22,003
Add: Adjustments to net income
net of tax, related to convertible debentures 1,157 3,272
Adjustments to net income related to the
stated and embedded dividends on the
Series B preferred stock (3,309) 00
----------- ---------
Adjusted net income $ 20,160 $ 25,275
=========== =========
Average common shares outstanding 34,066 30,947
Dilutive common equivalent shares
issuable upon the exercise of options
currently outstanding to purchase
common shares 1,104 1,205
Conversion of Debentures 6,672 7,177
Put option common stock equivalents 39 00
----------- ---------
41,881 39,329
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Net income per share $ .48 $ .64
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