EXHIBIT 11. COMPUTATION OF PER SHARE EARNINGS
The computation of earnings per share for the three and nine months ended
September 30, 1997 and 1996 is as follows: (000's omitted except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
(unaudited) (unaudited)
1997 1996 1997 1996
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Primary
Net income $ 34,557 $ 20,835 $ 78,137 $ 57,731
Add: Adjustments to net income
net of tax, related to convertible debentures 137 303 (684) (466)
Adjustments to net income related
to the stated and embedded dividends
on the series B preferred stock (659) -- (5,085) --
--------- --------- --------- ---------
Adjusted net income $ 34,035 $ 21,138 $ 72,368 $ 57,265
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Average common shares outstanding 36,973 32,860 34,992 31,681
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding to
purchase common shares 2,215 1,021 1,511 1,169
Preferred stock 2,000 -- 2,000 --
Conversion of debentures 1,900 1,472 1,900 1,472
--------- --------- --------- ---------
43,088 35,353 40,403 34,322
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Earnings per share $ .79 $ .60 $ 1.79 $ 1.67
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Fully Diluted
Net income $ 34,557 $ 20,835 $ 78,137 $ 57,731
Add: Adjustments to net income
net of tax, related to
convertible debentures 2,017 3,126 4,972 7,415
Adjustments to net income related
to the stated and embedded dividends
on the series B preferred stock (659) -- (5,085) --
--------- --------- --------- ---------
Adjusted net income $ 35,915 $ 23,961 $ 78,024 $ 65,146
========= ========= ========= =========
Average common shares outstanding 36,973 32,860 34,992 31,681
Dilutive common equivalent shares
issuable upon the exercise of options
currently outstanding to purchase
common shares 2,871 1,021 2,772 1,181
Preferred stock 2,000 -- 2,000 --
Conversion of debentures 7,100 6,684 7,100 6,684
--------- --------- --------- ---------
48,944 40,565 46,864 39,546
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Earnings per share $ .73 $ .59 $ 1.66 $ 1.65
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