EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Nine
Year Ended Months Ended Year Ended
December December 31, March 31,
1996 1995 1995
Primary:
Net Income $15,393 $ 9,880 $ 11,325
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Weighted average number of
common shares outstanding 19,099 19,461 19,226
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 885 576 403
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Weighted average number of common
and common equivalent shares 19,984 20,037 19,629
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Primary earnings per share $ 0.77 $ 0.49 $ 0.58
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Fully diluted:
Weighted average number of common
and common equivalent shares 19,984 20,037 19,629
Add:
Additional dilutive effect of outstanding
options, as determined by the
application of the treasury stock
method using the year end market
price of the Company's common
stock 0 42 48
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Weighted average number of common
shares fully diluted 19,984 20,079 19,677
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Fully diluted earnings per share $ 0.77* $ 0.49* $ 0.58*
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*Not presented in Financial Statements since dilutive effect is less than 3%.