The computation of net income per share for the three and six months ended June
30, 1997 and 1996 is as follows: (000's omitted except per share data)
Three Months Ended Six Months Ended
June 30 June 30
(unaudited) (unaudited)
1997 1996 1997 1996
------------------------ ---------------------------
Primary
Net income $ 21,268 $ 14,893 $ 43,580 $ 36,896
Add: Adjustments to net income
net of tax, related to
convertible debentures (354) (398) (1,077) (725)
Adjustments to net income related
to the stated and embedded dividends
on the series B preferred stock (1,117) 00 (4,426) 00
--------- ----------- ----------- -----------
Adjusted net income $ 19,797 $ 14,495 $ 38,077 $ 36,171
========= =========== =========== ===========
Average common shares outstanding 34,656 31,515 33,990 31,085
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding to
purchase common shares 926 1,383 1,014 1,243
Conversion of Debentures 2,055 1,472 2,055 1,472
--------- ----------- ----------- -----------
37,637 34,370 37,059 33,800
========= =========== =========== ===========
Net income per share $ .53 $ .42 $ 1.03 $ 1.07
========= =========== =========== ===========
Fully Diluted
Net income $ 21,268 $ 14,893 $ 43,580 $ 36,896
Add: Adjustments to net income
net of tax, related to
convertible debentures 1,526 1,433 2,693 2,831
Adjustments to net income related
to the stated and embedded dividends
on the series B preferred stock (1,117) 00 (4,426) 00
--------- ----------- ----------- -----------
Adjusted net income $ 21,677 $ 16,326 $ 41,847 $ 39,727
========= =========== =========== ===========
Average common shares outstanding 34,656 31,515 33,990 31,085
Dilutive common equivalent shares
issuable upon the exercise of options
currently outstanding to purchase
common shares 1,494 1,387 1,490 1,336
Conversion of Debentures 7,255 6,684 7,255 6,684
Put option common stock equivalents 00 00 00 00
--------- ----------- ----------- -----------
43,405 39,586 42,735 39,105
========= =========== =========== ===========
Net income per share $ .50 $ .41 $ .98 $ 1.02
========= =========== =========== ===========