13
Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(In thousands except per share amounts)
Three Months Ended
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February 27, 1994 February 28, 1993
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Income before cumulative effect of accounting change $3,003 $2,533
Cumulative effect of change in accounting for income taxes 795 -
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Net income $3,798 $2,533
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PRIMARY PER SHARE EARNINGS
- --------------------------
Average number of common shares outstanding 16,114 16,098
Add - common equivalent shares representing
shares issuable upon exercise of stock
options and stock grants 189 115
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Average shares used to calculate primary per share earnings 16,303 16,213
========= =========
Primary per share earnings before change in accounting for
income taxes $0.18 $0.16
Cumulative effect of change in accounting for income taxes 0.05* -
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Net primary per share earnings $0.23 $0.16
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FULLY DILUTED PER SHARE EARNINGS
- --------------------------------
Average number of common shares outstanding 16,114 16,098
Add - common equivalent shares representing shares
issuable upon exercise of stock options and
stock grants 274 141
--------- ---------
Average shares used to calculate fully diluted per share earnings 16,388 16,239
========= =========
Fully diluted per share earnings before change in accounting
for income taxes $0.18 $0.16
Cumulative effect of change in accounting for income taxes 0.05* -
--------- ---------
Net fully diluted per share earnings $0.23 $0.16
========= =========
* The per share amounts pertaining to the cumulative effect of change in
accounting for income taxes in 1994 were computed using the weighted
average number of common shares outstanding for the first quarter.