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                          PART II:  OTHER INFORMATION
                  EXHIBIT 11:  EARNINGS PER SHARE CALCULATION
              (IN THOUSANDS OF DOLLARS - EXCEPT PER SHARE AMOUNTS)





Computation of Net Income Per Share



                                                                 Three months             Six months
                                                                    ended                    ended
                                                                   June 30,                June 30,
                                                                     1997                    1997
                                                                 ------------             -----------
                                                                                       
 Net income                                                          $4,166                  $8,348
                                                                    
 Primary and fully diluted net income                                 4,166                   8,348
                                                                 ------------             -----------
 
 Weighted average shares outstanding                                  9,853                   9,737
                                                                    
 Dilutive common stock equivalents for primary                      
      net income per share                                              419                     409
                                                                 ------------             -----------
                                                                    
 Weighted average shares and common equivalent                      
      shares outstanding for primary net income per share            10,272                  10,146
                                                                    
 Additional equivalent shares assuming full dilution                     54                      70
                                                                 ------------             -----------
                                                                    
 Weighted average shares and common equivalent                      
      shares for fully diluted net income per share                  10,326                  10,216
                                                                 ============             ===========
                                                                    
 Primary net income per share                                         $0.41                   $0.82
                                                                 ============             ===========
                                                                    
 Fully diluted net income per share                                   $0.40                   $0.82
                                                                 ============             ===========






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