1 EXHIBIT 11 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS YEAR ENDED DECEMBER 31, ------------------------------ 1994 1993 1992 ------- ------ ------- (IN THOUSANDS, EXCEPT PER SHARE DATA) Average shares outstanding..................................... 8,447 8,295 8,265 Net effect of dilutive stock options, based on the treasury stock method....................................................... 77 130 158 ------- ------ ------- Total shares used in computation..................... 8,524 8,425 8,423 ======= ====== ======= Income from continuing operations.............................. $13,285 $8,003 $ 4,141 Loss from discontinued operations, net of taxes................ -- -- (1,580) ------- ------ ------- Net income..................................................... $13,285 $8,003 $ 2,561 ======= ====== ======= Income (loss) per share: Continuing operations........................................ $ 1.56 $ 0.95 $ 0.49 Discontinued operations...................................... -- -- (0.19) ------- ------ ------- Net income................................................... $ 1.56 $ 0.95 $ 0.30 ======= ====== =======