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FORM 10-Q
EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Net income per share is computed based on the weighted average number of
shares outstanding, including the dilutive effect of stock options, as follows:
Three Months Ended
March 31,
(in thousands, except per share amounts) 1995 1994
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NET INCOME: $ 7,384 $ 6,209
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PRIMARY EARNINGS PER SHARE:
Actual average shares outstanding 14,129 14,083
Net effect of the assumed exercise of stock options -- based on the
treasury stock method using average market price for the period 348 400
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Pro forma average shares outstanding 14,477 14,483
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Net Income Per Share
$ 0.51 $ 0.43
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FULLY DILUTED EARNINGS PER SHARE:
Actual average shares outstanding 14,129 14,083
Net effect of the assumed exercise of stock options -- based on the
treasury stock method using higher of average or closing market price 356 400
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Pro forma average shares outstanding 14,485 14,483
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Net Income Per Share $ 0.51 $ 0.43
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