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EXHIBIT 11.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTH PERIOD ENDED SEPTEMBER 30, 1996
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ASSUMING
PRIMARY FULL DILUTION
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WEIGHTED AVERAGE OF OUTSTANDING
SHARES 28,989,749 28,989,749
COMMON EQUIVALENT SHARES:
OUTSTANDING STOCK OPTIONS 814,107 814,257
OTHER POTENTIALLY DILUTIVE SECURITIES:
CONVERTIBLE DEBENTURES (2) N/A 1,859,145
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SHARES USED IN COMPUTING
NET INCOME PER SHARE 29,803,856 31,663,151
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NET INCOME $4,455,885 $4,455,885
ADJUSTMENTS ASSUMING FULL DILUTION:
INTEREST EXPENSE, NET OF TAXES (2) N/A 433,902
NET INCOME $4,455,885 $4,889,787
NET INCOME PER SHARE $0.15 $0.15
DILUTION PERCENTAGE ASSUMING FULL DILUTION (1) N/A -3.294%
NET INCOME PER SHARE $0.15 $0.15
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NINE MONTH PERIOD ENDED SEPTEMBER 30, 1996
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ASSUMING
PRIMARY FULL DILUTION
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WEIGHTED AVERAGE OF OUTSTANDING
SHARES 27,563,151 27,563,151
COMMON EQUIVALENT SHARES:
OUTSTANDING STOCK OPTIONS 613,064 808,361
OTHER POTENTIALLY DILUTIVE SECURITIES:
CONVERTIBLE DEBENTURES (2) N/A 3,203,822
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SHARES USED IN COMPUTING
NET INCOME PER SHARE 28,176,215 31,575,334
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NET INCOME $11,422,833 $11,422,833
ADJUSTMENTS ASSUMING FULL DILUTION:
INTEREST EXPENSE, NET OF TAXES (2) N/A 2,326,656
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NET INCOME $11,422,833 $13,749,489
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NET INCOME PER SHARE $0.41 $0.44
DILUTION PERCENTAGE ASSUMING FULL DILUTION (1) N/A -7.411%
NET INCOME PER SHARE $0.41 $0.41
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NOTES:
(1) - PROVIDED THAT DILUTION IS GREATER THAN 3%, THE CONVERTIBLE DEBENTURES ARE
CONSIDERED DILUTIVE IN THE CALCULATION AND PRESENTATION OF PER SHARE
DATA.
(2) - THE CONVERTIBLE DEBENTURES WERE CONVERTED TO COMMON STOCK ON AUGUST 14,
1996. ACCORDINGLY, THE EFFECTS OF AN ASSUMED CONVERSION ARE INCLUDED
ONLY THROUGH THAT DATE.