1 EXHIBIT (11) STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Three Months Ended September 30, ----------------------------------------------- 1996 1995 ---------------------- --------------------- Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- (In thousands, except per share) Net income ($1,085) ($1,085) $3,058 $3,058 ====== ====== ====== ====== Average share Common 7,576 7,576 7,424 7,424 Common equivalents 543 627 397 457 ------ ------ ------ ------ Total 8,119 8,203 7,821 7,881 ====== ====== ====== ====== Earnings per common share ($ 0.13) ($ 0.13) $ 0.39 $ 0.39 ====== ====== ====== ====== Nine Months Ended September 30, --------------------------------------------- 1996 1995 ---------------------- ------------------- Fully Fully Primary Diluted Primary Diluted ------- -------- ------- ------- (In thousands, except per share) Net income $ 5,764 $ 5,764 $ 7,071 $ 7,071 ======= ======= ======= ======= Average shares Common 7,540 7,540 7,422 7,422 Common equivalents 518 627 224 457 ------- ------- ------- ------- Total 8,058 8,167 7,646 7,879 ======= ======= ======= ======= Earnings per common share $ 0.72 $ 0.71 $ 0.92 $ 0.90 ======= ======= ======= ======= Common share equivalents assume exercise of stock options and warrants, if dilutive.