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EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED
MARCH 31,
1996 1997
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PRIMARY EARNINGS
Income before extraordinary items $ 7,792 $ 8,675
Extraordinary items 149 22
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Net Earnings $ 7,941 $ 8,697
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Shares:
Weighted average number of common
shares outstanding 32,865 41,721
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Primary earnings per common share:
Income before extraordinary items $ 0.24 $ 0.21
Extraordinary items -- --
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Net Earnings $ 0.24 $ 0.21
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FULLY DILUTED EARNINGS
Income before extraordinary items $ 7,941 $ 8,697
Net interest expense related to convertible debt 906 906
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Income before extraordinary items
as adjusted 8,847 9,603
Extraordinary items 149 22
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Net Earnings $ 8,996 $ 9,625
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Shares:
Weighted average number of common
shares outstanding 33,158 41,721
Assuming conversion of convertible debt 7,188 7,188
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Weighted average number of common
shares outstanding, as adjusted 40,346 48,909
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Fully diluted earnings per common share:
Income before extraordinary items $ 0.22 $ 0.20
Extraordinary items -- --
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Net Earnings $ 0.22 $ 0.20
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