EXHIBIT 11
STATEMENT RE: COMPUTATION OF
PER SHARE EARNINGS
Primary earnings per common share are computed by dividing net income by the
weighted average number of common shares outstanding, including common
equivalent shares with a dilutive effect. Common equivalent shares are those
shares which may be issuable upon exercise of outstanding stock options and
warrants. Incremental equivalent shares are reduced by the assumption of
repurchased treasury stock. For primary earnings per share, these repurchases
are assumed to be executed at the average market price of common stock during
the period.
Fully diluted earnings per common share are determined based on the assumption
that the incremental number of common equivalent shares is increased, where
applicable, by the effects of a common stock market price which is higher at
the end of the period than the average price during the period.
The following table presents information necessary for the computation of
earnings per share, on both primary and fully diluted basis, for the three
months ended March 31, 1996 and 1995.
Three Months Ended
March 31,
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1996 1995
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(In thousands)
Average number of
common shares
outstanding ...................... 16,369 16,582
Common share equivalents
on stock options and stock
warrants based on average
market price ..................... 412 470
------ ------
Average number of common
shares outstanding to compute
primary earnings per share ....... 16,781 17,052
Incremental common share
equivalent on stock options
and stock warrants based on
end of period market price ....... 5 8
------ ------
Average number of common
shares outstanding to compute
fully diluted earnings per share . 16,786 17,060
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Share figures for 1995 have been restated for the 10% stock dividend issued in
December, 1995.