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EXHIBIT XI -- COMPUTATION OF NET INCOME PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
1997 1996 1995
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Net earnings................................................ $13,979 $ 9,748 $ 7,590
Less preferred stock dividend............................... 0 0 0
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Net income available for common stockholders................ $13,979 $ 9,748 $ 7,590
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Average common shares outstanding(a)(b)..................... 15,230 14,969 14,554
Stock Options(b)............................................ 333 510 886
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Average number of common and dilutive shares outstanding.... 15,563 15,479 15,440
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Diluted earnings per common share........................... $ .90 $ .63 $ .49
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Basic earnings per common share............................. $ .92 $ .65 $ .52
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(a) Average common shares outstanding include the reduction of 2,820,850 shares
of common stock contributed by Safeguard Scientifics, Inc. on June 16, 1994
for the 1994 period.
(b) Adjusted to reflect the two-for-one stock split effective June 9, 1995.