EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
-------------------- ----------------
June 30 June 30
-------------------- ----------------
1997 1996 1997 1996
-------------------- ----------------
(in thousands, except per share data)
Primary:
Net Income $ 4,633 $ 3,914 $ 8,945 $ 8,073
======== ======= ======= =======
Weighted average number of
common shares outstanding 19,103 19,061 19,377 19,110
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 340 966 338 821
-------- ------- ------- -------
Weighted average number of common
and common equivalent shares 19,443 20,027 19,715 19,931
-------- ------- ------- -------
Primary earnings per share $ .24 $ .20 $ .45 $ .41
======== ======= ======= =======
Fully diluted:
Weighted average number of common
and common equivalent shares 19,443 20,027 19,715 19,931
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 126 0 65 0
-------- ------- ------- -------
Weighted average number of common
shares fully diluted 19,569 20,027 19,780 19,931
-------- ------- ------- -------
Fully diluted earnings per share * $ 0.24 $ 0.20 $ 0.45 $ 0.41
======== ======= ======= =======
*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.