EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
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September 30 September 30
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1997 1996 1997 1996
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(in thousands, except per share data)
Primary:
Net Income $ 4,805 $ 3,787 $ 13,750 $ 11,860
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Weighted average number of
common shares outstanding 18,963 19,029 19,238 19,083
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 585 998 421 879
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Weighted average number of common
and common equivalent shares 19,548 20,027 19,659 19,962
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Primary earnings per share $ .25 $ .19 $ .70 $ .59
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Fully diluted:
Weighted average number of common
and common equivalent shares 19,548 20,027 19,657 19,962
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 61 0 62 1
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Weighted average number of common
shares fully diluted 19,609 20,027 19,721 19,963
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Fully diluted earnings per share * $ 0.25 $ 0.19 $ 0.70 $ 0.59
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*Not presented in Financial Statements since dilutive effect is less than 3%.