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EXHIBIT 11
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STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
-----------------------------------------------------------------
3 months ended June 30, 1997 2,113,972 2,248,769 539,816 0.26 0.24
3 months ended June 30, 1998 2,365,112 2,511,307 703,650 0.30 0.28
3 MONTHS ENDED JUNE 30, 1997 Basic Diluted
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Average Shares Outstanding 2,113,972 2,113,972
Options - Plan 1 142,000
Average Option Price 5.28
Total Exercise Cost 749,760
Shares Repurchased 46,860
Net Shares from Option - Plan 1 95,140
Options - Plan 2 74,560
Average Option Price 7.49
Total Exercise Cost 558,454
Shares Repurchased 34,903
Net Shares from Option - Plan 2 39,657
Options - Plan 3 189,297
Average Option Price 16.00
Total Exercise Cost 3,028,752
Shares Repurchased 189,297
Net Shares from Option - Plan 3 0
--------- ---------
Gross Shares 2,113,972 2,248,769
Price 16.00
3 MONTHS ENDED JUNE 30, 1998 Basic Diluted
--------- ---------
Average Shares Outstanding 2,365,112 2,365,112
Options - Plan 1 23,000
Average Option Price 5.85
Total Exercise Cost 134,550
Shares Repurchased 4,870
Net Shares from Option - Plan 1 18,130
Options - Plan 2 73,400
Average Option Price 7.64
Total Exercise Cost 560,776
Shares Repurchased 20,296
Net Shares from Option - Plan 2 53,104
Options - Plan 3 180,100
Average Option Price 16.13
Total Exercise Cost 2,905,013
Shares Repurchased 105,140
Net Shares from Option - Plan 3 74,960
--------- ---------
Gross Shares 2,365,112 2,511,307
Price 27.63
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EXHIBIT 11 (CONTINUED)
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STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
-----------------------------------------------------------------
6 months ended June 30, 1997 2,001,693 2,136,504 1,003,448 0.50 0.47
6 months ended June 30, 1998 2,334,939 2,492,880 1,325,895 0.57 0.53
6 MONTHS ENDED JUNE 30, 1997 Basic Diluted
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Average Shares Outstanding 2,001,693 2,001,693
Options - Plan 1 142,000
Average Option Price 5.28
Total Exercise Cost 749,760
Shares Repurchased 46,860
Net Shares from Option - Plan 1 95,140
Options - Plan 2 72,790
Average Option Price 7.28
Total Exercise Cost 529,911
Shares Repurchased 33,119
Net Shares from Option - Plan 2 39,671
Options - Plan 3 95,171
Average Option Price 16.00
Total Exercise Cost 1,522,736
Shares Repurchased 95,171
Net Shares from Option - Plan 3 0
--------- ---------
Gross Shares 2,001,693 2,136,504
Price 16.00
6 MONTHS ENDED JUNE 30, 1998 Basic Diluted
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Average Shares Outstanding 2,334,939 2,334,939
Options - Plan 1 52,895
Average Option Price 6.74
Total Exercise Cost 356,512
Shares Repurchased 13,940
Net Shares from Option - Plan 1 38,955
Options - Plan 2 73,643
Average Option Price 7.64
Total Exercise Cost 562,633
Shares Repurchased 22,000
Net Shares from Option - Plan 2 51,643
Options - Plan 3 182,365
Average Option Price 16.13
Total Exercise Cost 2,941,547
Shares Repurchased 115,021
Net Shares from Option - Plan 3 67,344
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Gross Shares 2,334,939 2,492,880
Price 25.57
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