EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
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Net Income....................... $ 11,257 $ 9,198 $ 21,265 $ 18,029
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Basic earnings per share:
Income before cumulative
effect of accounting change... $ 0.23 $ 0.19 $ 0.44 $ 0.37
Cumulative effect of
accounting change, net of tax. -- -- (0.01) --
---------- ---------- ---------- ----------
Basic earnings per share...... $ 0.23 $ 0.19 $ 0.43 $ 0.37
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Diluted earnings per share:
Income before cumulative
effect of accounting change... $ 0.22 $ 0.18 $ 0.42 $ 0.35
Cumulative effect of
accounting change, net of tax. -- -- (0.01) --
---------- ---------- ---------- ----------
Basic earnings per share...... $ 0.22 $ 0.18 $ 0.41 $ 0.35
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Weighted average shares outstanding:
Basic......................... 49,725 49,200 49,605 49,200
Diluted....................... 51,866 51,300 51,600 51,300
Calculation of weighted average
shares:
Weighted average common stock
outstanding-basic............. 49,725 49,200 49,605 49,200
Weighted average common stock
options, utilizing the
treasury stock method 2,141 2,100 1,995 2,100
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Weighted average shares
outstanding-diluted.............. 51,866 51,300 51,600 51,300
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