1
EXHIBIT NO. 11.1
COMPUTATION OF PER SHARE EARNINGS
Years Ended December 31,
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1996 1995 1994
-------- -------- --------
(in thousands, except per share amounts)
Primary
Weighted average common
shares outstanding 21,116 16,292 15,464
Net effect of dilutive
stock options,
treasury stock method 1,107 560 --
-------- -------- --------
Total common
shares 22,223 16,852 15,464
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Net income to common
shareholders $ 6,263 $ 5,785 $ (160)
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Primary earnings per
common share $ .28 $ .34 $ (.01)
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Fully Diluted
Weighted average common
shares outstanding 21,116 16,292 15,464
Net effect of dilutive
stock options,
treasury stock method 1,107 560 457
Effect of convertible
preferred stock 1,525 -- --
-------- -------- --------
Total common
shares 23,748 16,292 15,921
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Net income to common
shareholders $ 7,935 $ 5,785 $ (160)
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Fully diluted earnings
per common share $ .33 $ .34 $ (.01)
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