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PART IV
Item 14 -- Exhibit 11 -- Computation of Per Share Earnings
1997 1996 1995
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BASIC:
Net income............................................ $65,503,469 $64,006,073 $53,537,199
Preferred dividend requirement........................ 23,257,662 19,842,834 18,129,144
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Net income available for common....................... $42,245,807 $44,163,239 $35,408,055
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Average common shares outstanding..................... 38,460,687 35,918,565 33,367,527
Basic earnings per share.............................. $ 1.10 $ 1.23 $ 1.06
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DILUTED:
Net income............................................ $65,503,469 $64,006,073 $53,537,199
Preferred dividend requirement........................ 22,779,499 18,944,799 18,129,144
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Net income available for common....................... $42,723,970 $45,061,274 $35,408,055
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Dilutive convertible preferred shares................. 366,136 687,638 0
Dilutive stock options................................ 101,300 70,100 50,200
Average common shares outstanding..................... 38,460,687 35,918,565 33,367,527
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Average diluted common shares outstanding............. 38,928,123 36,676,303 33,417,727
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Diluted earnings per share............................ $ 1.10 $ 1.23 $ 1.06
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