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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 Six Months Ended
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June 30, June 30,
(in thousands, except per share amounts) 1997 1996 1997 1996
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NET INCOME: $10,107 $9,260 $19,315 $18,001
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PRIMARY EARNINGS PER SHARE:
Actual average shares outstanding 14,378 14,423 14,364 14,389
Net effect of the assumed exercise of
stock options --
based on the treasury stock method
using average market price for the period 278 271 282 295
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Pro forma average shares outstanding 14,656 14,694 14,646 14,684
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Net Income Per Share $0.69 $0.63 $1.32 $1.23
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FULLY DILUTED EARNINGS PER SHARE:
Actual average shares outstanding 14,379 14,423 14,364 14,389
Net effect of the assumed exercise of
stock options -- based on the treasury stock
method using higher of average or closing
market price 309 271 316 295
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Pro forma average shares outstanding 14,688 14,694 14,680 14,684
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Net Income Per Share $0.69 $0.63 $1.32 $1.23
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