1
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:
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Three Months Ended Nine Months Ended
September 30, September 30,
(in thousands, except per share amounts) 1995 1994 1995 1994
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NET INCOME: $8,984 $ 7,745 $23,837 $21,180
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PRIMARY EARNINGS PER SHARE:
Actual average shares outstanding 14,238 14,088 14,181 14,088
Net effect of the assumed exercise of stock options--
based on the treasury stock method using
average market price for the period 388 342 364 366
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Pro forma average shares outstanding 4,626 14,430 14,545 14,454
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Net Income Per Share $ 0.62 $ 0.54 $ 1.64 $ 1.47
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FULLY DILUTED EARNINGS PER SHARE:
Actual average shares outstanding 14,238 14,088 14,181 14,088
Net effect of the assumed exercise of stock options
-- based on the treasury stock method using
higher of average or closing market price 388 361 409 387
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Pro forma average shares outstanding 14,626 14,449 14,590 14,475
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Net Income Per Share $ 0.61 $ 0.54 $ 1.63 $ 1.46
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