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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:
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Three Months Ended
March 31,
(in thousands, except per share amounts) 1996 1995
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NET INCOME: $ 8,741 $ 7,384
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PRIMARY EARNINGS PER SHARE:
Actual average shares outstanding 14,356 14,129
Net effect of the assumed exercise of
stock options -- based on the treasury
stock method using average market price
for the period 319 348
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Pro forma average shares outstanding 14,675 14,477
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Net Income Per Share $ 0.60 $ 0.51
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FULLY DILUTED EARNINGS PER SHARE:
Actual average shares outstanding 14,356 14,129
Net effect of the assumed exercise of
stock options -- based on the treasury
stock method using higher of average or
closing market price 321 356
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Pro forma average shares outstanding 14,667 14,485
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Net Income Per Share $ 0.60 $ 0.51
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