Exhibit 11
(Page 1 of 2)
COMPUTATION OF NET INCOME PER COMMON SHARE
(in thousands - except per share amounts)
Three months Nine months
ended March 31, ended March 31,
1998 1997 1998 1997
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COMPONENTS OF BASIC NET INCOME
PER COMMON SHARE:
Income before extraordinary loss and
cumulative effect of change in
accounting principle ............. 16,038 16,054 41,518 49,412
Extraordinary loss on repurchase of
subordinated notes, net of taxes .. -- (633) -- (633)
Cumulative effect of change
in accounting principle ........... -- -- (6,922) --
-------- -------- -------- --------
Net income ......................... $ 16,038 $ 15,421 $ 34,596 $ 48,779
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Average common shares outstanding
during the period ................. 43,512 43,324 43,464 43,238
Average treasury shares held
during the period ................. (3,956) (2,732) (3,731) (2,314)
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Average common shares outstanding .. 39,556 40,592 39,733 40,924
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Basic earnings per share:
Income before extraordinary loss and
cumulative effect of change
in accounting principle ........... $ 0.41 $ 0.40 $ 1.04 $ 1.21
Extraordinary loss on repurchase of
subordinated notes, net of taxes ... -- (0.02) -- (0.02)
Cumulative effect of change
in accounting principle ........... -- -- (0.17) --
-------- -------- -------- --------
Net income ......................... $ 0.41 $ 0.38 $ 0.87 $ 1.19
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Exhibit 11
(Page 2 of 2)
COMPUTATION OF NET INCOME PER COMMON SHARE
(in thousands - except per share amounts)
Three months Nine months
ended March 31, ended March 31,
1998 1997 1998 1997
---- ---- ---- ----
COMPONENTS OF DILUTED NET INCOME
PER COMMON SHARE:
Income before extraordinary loss and
cumulative effect of change in
accounting principle.................... 16,038 16,054 41,518 49,412
Extraordinary loss on repurchase of
subordinated notes, net of taxes........ -- (633) -- (633)
Cumulative effect of change
in accounting principle................. -- -- (6,922) --
------- ------- ------- -------
Net income................................ $16,038 $15,421 $34,596 $48,779
======= ======= ======= =======
Average common shares outstanding
during the period........................ 43,512 43,324 43,464 43,238
Average treasury shares held
during the period....................... (3,956) (2,732) (3,731) (2,314)
Common shares issuable with
respect to common equivalents
for stock options....................... 931 936 891 941
------ ------ ------ ------
Average common shares outstanding......... 40,487 41,528 40,624 41,865
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Diluted earnings per share:
Income before extraordinary loss and
cumulative effect of change in
accounting principle.................... $ 0.40 $ 0.39 $ 1.02 $ 1.18
Extraordinary loss on repurchase of
subordinated notes, net of taxes........ -- (0.02) -- (0.02)
Cumulative effect of change
in accounting principle................. -- -- (0.17) --
------- ------- ------- -------
Net income................................ $ 0.40 $ 0.37 $ 0.85 $ 1.16
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