EXHIBIT 11
CALCULATION OF BASIC AND FULLY
DILUTED EARNINGS PER SHARE
(in thousands except per share data)
BASIC EARNINGS PER SHARE
1998 1997 1996
Net income $27,611 $10,951 $5,147
Weighted average number of shares outstanding 16,703 10,434 5,670
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Net income per share - Basic $ 1.65 $ 1.05 $ 0.91
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DILUTED EARNINGS PER SHARE
1998 1997 1996
Net income $27,611 $10,951 $5,147
Add-interest on short-term debt, net of tax effect, on application
of assumed proceeds from exercise of options and warrants in excess
of 20% limitation 0 0 0
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Net income, as adjusted $27,611 $10,951 $5,192
Additional adjustment to weighted average number of shares
outstanding:
Weighted average number of shares outstanding 16,703 10,434 5,670
Add-Dilutive effect of outstanding options and warrants (as
determined by the application of the treasury stock method) 565 2,640 2,601
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Weighted average number of shares outstanding 17,268 13,074 8,271
Net income per share - diluted $ 1.60 $ 0.84 $ 0.62
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