Exhibit 11 - Statement re: Computation of Earnings Per Share Three Months Ended Six Months Ended June 30, June 30, ---------------------- ---------------------- 1996 1995 1996 1995 ------- ------- ------- ------- (in thousands, except per share data) Primary: Average shares outstanding ............................................. 44,544 38,560 44,497 38,560 Net effect of dilutive stock options - based on the treasury stock method using average market price ..................... 728 523 642 459 ------- ------- ------- ------- Total ................................................................ 45,272 39,083 45,139 39,019 ======= ======= ======= ======= Income before cumulative effect of accounting change ................... $28,402 $ 3,384 $43,214 $ 6,216 Cumulative effect of accounting change ................................. 22,024 ------- ------- ------- ------- Net income ............................................................. $28,402 $ 3,384 $43,214 $28,240 ======= ======= ======= ======= Earnings per share: Income before cumulative effect of accounting change ................. $ .63 $ .09 $ .96 $ .16 Cumulative effect of accounting change ............................... .56 ------- ------- ------- ------- Net income ........................................................... $ .63 $ .09 $ .96 $ .72 ======= ======= ======= ======= Fully Diluted: Average shares outstanding ............................................. 44,544 38,560 44,497 38,560 Net effect of dilutive stock options - based on the treasury stock method using the period-end market price, if higher than average market price ........................... 729 524 673 495 ------- ------- ------- ------- Total ................................................................ 45,273 39,084 45,170 39,055 ======= ======= ======= ======= Income before cumulative effect of accounting change ................... $28,402 $ 3,384 $43,214 $ 6,216 Cumulative effect of accounting change ................................. 22,024 ------- ------- ------- ------- Net income ............................................................. $28,402 $ 3,384 $43,214 $28,240 ======= ======= ======= ======= Earnings per share: Income before cumulative effect of accounting change ................. $ .63 $ .09 $ .96 $ .16 Cumulative effect of accounting change ............................... .56 ------- ------- ------- ------- Net income ........................................................... $ .63 $ .09 $ .96 $ .72 ======= ======= ======= ======= - ------------------------------------------------------------------------------------------------------------------------------------