14
Exhibit 11
Computation of Per Share Earnings
(Unaudited)
(In thousands except per share amounts)
Three Months Ended
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February 26, February 27,
1995 1994
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Income before cumulative effect of
accounting change ........................................................ $ 3,347 $ 3,003
Cumulative effect of change in
accounting for income taxes .............................................. -- 795
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Net income .................................................................. $ 3,347 $ 3,798
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Primary per share earnings
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Average number of common shares
outstanding .............................................................. 16,118 16,114
Add - common equivalent shares representing shares
issuable upon exercise of stock options
and stock grants ......................................................... 87 189
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Average shares used to calculate
primary per share earnings ............................................... 16,205 16,303
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Primary per share earnings before
change in accounting for income
taxes .................................................................... $ 0.21 $ 0.18
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Cumulative effect of change in
accounting for income taxes .............................................. -- 0.05 *
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Net primary per share earnings .............................................. $ 0.21 $ 0.23
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Fully diluted per share earnings
- --------------------------------
Average number of common shares
outstanding .............................................................. 16,118 16,114
Add - common equivalent shares representing shares
issuable upon exercise of stock options
and stock grants ......................................................... 89 274
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Average shares used to calculate
fully diluted per share earnings ......................................... 16,207 16,388
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Fully diluted per share earnings
before change in accounting for
income taxes ............................................................. $ 0.21 $ 0.18
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Cumulative effect of change in
accounting for income taxes .............................................. -- 0.05 *
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Net fully diluted per share earnings ........................................ $ 0.21 $ 0.23
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* The per share amounts pertaining to the cumulative effect of a change in
accounting for income taxes in 1994 were computed using the weighted average
number of common shares outstanding for the first quarter.