EXHIBIT 11
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COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
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September 30 September 30
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1996 1995 1996 1995
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(in thousands, except per share data)
Primary:
Net Income $ 3,787 $ 3,205 $ 11,860 $ 9,858
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Weighted average number of
common shares outstanding 19,029 19,432 19,083 19,478
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 998 612 879 516
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Weighted average number of common
and common equivalent shares 20,027 20,044 19,962 19,994
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Primary earnings per share $ .19 $ .16 $ .59 $ .49
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Fully diluted:
Weighted average number of common
and common equivalent shares 20,027 20,044 19,962 19,994
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 2 1 56
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Weighted average number of common
shares fully diluted 20,027 20,046 19,963 20,050
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Fully diluted earnings per share* $ .19 $ .16 $ .59 $ .49
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* 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.