CAPTION> EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE Three Months Ended Six Months Ended ------------------ --------------- June 30 June 30 ------------------ --------------- 1996 1995 1996 1995 ------------------ ----------------- (in thousands, except per share data) Primary: Net Income $ 3,914 $ 3,315 $ 8,073 $ 6,653 ======== ======= ======= ====== Weighted average number of common shares outstanding 19,061 19,570 19,110 19,501 Add: Dilutive effect of outstanding options, as determined by the application of the treasury stock method using the average market price of the Company's common stock 966 503 821 468 -------- -------- ------- ------ Weighted average number of common and common equivalent shares 20,027 20,074 19,931 19,969 --------- -------- ------- ------- Primary earnings per share $ .20 $ .17 .41 .33 ========= ======== ======= ======= Fully diluted: Weighted average number of common and common equivalent shares 20,027 20,074 19,931 19,969 Add: Additional dilutive effect of outstanding options, as determined by the application of the treasury stock method using the quarter end market price of the Company's common stock 0 24 0 60 --------- -------- -------- ------ Weighted average number of common shares fully diluted 20,027 20,098 19,931 20,029 --------- -------- ------- ------ Fully diluted earnings per share * $ .20 $ .17 .41 .33 ======== ======= ======== ====== *Not presented in Financial Statements since dilutive effect is less than 3%. **Prior year earnings per share and weighted average shares have been restated to reflect the June, 1996 2 for 1 stock dividend.