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 Six Months Ended
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June 30, June 30,
(in thousands, except per share amounts) 1996 1995 1996 1995
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NET INCOME: $ 9,260 $ 7,469 $18,001 $14,853
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PRIMARY EARNINGS PER SHARE:
Actual average shares outstanding 14,423 14,171 14,389 14,152
Net effect of the assumed exercise of
stock options -- based on the treasury
stock method using average market price
for the period 271 358 295 353
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Pro forma average shares outstanding 14,694 14,529 14,684 14,505
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Net Income Per Share $ 0.63 $ 0.51 $ 1.23 $ 1.02
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FULLY DILUTED EARNINGS PER SHARE:
Actual average shares outstanding 14,423 14,171 14,389 14,152
Net effect of the assumed exercise of
stock options -- based on the treasury
stock method using higher of average or
closing market price 271 408 295 409
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Pro forma average shares outstanding 14,694 14,579 14,684 14,561
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Net Income Per Share $ 0.63 $ 0.51 $ 1.23 $ 1.02
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