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EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE EXHIBIT 11
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1997 1996 1997 1996
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PRIMARY EARNINGS
Income before extraordinary items .............. $12,940 $ 7,163 $21,615 $14,955
Extraordinary items ............................ 53 27 75 176
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Net Earnings ............................ $12,993 $ 7,190 $21,690 $15,131
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Shares:
Weighted average number of
common shares outstanding ............... 41,844 33,208 41,756 33,003
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Primary earnings per common share:
Income before extraordinary items .......... $ 0.31 $ 0.22 $ 0.52 $ 0.45
Extraordinary items ........................ -- -- -- 0.01
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Net Earnings ............................ $ 0.31 $ 0.22 $ 0.52 $ 0.46
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FULLY DILUTED EARNINGS
Income before extraordinary items .............. $12,940 $ 7,163 $21,615 $14,955
Net interest expense related to convertible debt 979 975 1,956 1,950
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Income before extraordinary items
as adjusted ................................ 13,919 8,138 23,571 16,905
Extraordinary items ............................ 53 27 75 176
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Net earnings as adjusted ................ $13,971 $ 8,165 $23,646 $17,081
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Shares:
Weighted average number of common
shares outstanding ...................... 41,974 33,303 41,943 33,272
Assuming conversion of convertible debt .... 7,188 7,188 7,188 7,188
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Weighted average number of common
shares outstanding as adjusted .......... 49,162 40,491 49,130 40,460
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Fully diluted earnings per common share:
Income before extraordinary items .......... $ 0.28 $ 0.20 $ 0.48 $ 0.42
Extraordinary items ........................ -- -- -- --
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Net earnings ............................ $ 0.28 $ 0.20 $ 0.48 $ 0.42
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