EXHIBIT 11
Earnings Per Share Computations
(thousands of dollars, except per share data)
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Primary Earnings (Loss) Per Share
Earnings available for common shares and
common stock equivalent shares deemed
to have a dilutive effect:
Earnings from operations ................... $ 44,677 2,704 57,963 41,154 26,734
Provision for cash dividends on preferred
stock (Series B) ........................ (4,522) (4,755) (4,755) (3,216) --
---------------------------------------------------------------------------
Net earnings from operations .................. 40,155 (2,051) 53,208 37,938 26,734
Cumulative effect of a change in accounting
principle .................................. -- -- 3,400 -- --
Net earnings (loss) available for common shares
and common stock equivalent shares deemed
---------------------------------------------------------------------------
to have a dilutive effect .................. $ 40,155 (2,051) 56,608 37,938 26,734
---------------------------------------------------------------------------
Primary earnings (loss) per share before
cumulative effect of a change in accounting
principle .................................. $ 2.84 (.15) 3.97 2.92 2.04
Cumulative effect of a change in accounting
principle .................................. -- -- .25 -- --
---------------------------------------------------------------------------
Total primary ....................... $ 2.84 (0.15) 4.22 2.92 2.04
---------------------------------------------------------------------------
Shares Used in Computation
Weighted average common shares outstanding
(net of treasury shares) ................... 13,966,682 13,828,316 13,091,773 12,658,203 13,053,382
Common stock equivalents ...................... 156,950 188,781 313,042 317,695 40,541
---------------------------------------------------------------------------
Total common shares and common stock
equivalent shares deemed to have a dilutive
effect ..................................... 14,123,632 14,017,097 13,404,815 12,975,898 13,093,923
---------------------------------------------------------------------------
30
EXHIBIT 11 (cont.)
Earnings Per Share Computations
(thousands of dollars, except per share data)
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Fully Diluted Earnings (Loss) Per Share
Earnings available for common shares and
common stock equivalent shares deemed
to have a dilutive effect:
Earnings from operations......................... $ 44,677 2,704 57,963 41,154 26,734
Provision for cash dividends on preferred
stock (Series B) .............................. (4,522) (4,755) (4,755) (3,216) --
-----------------------------------------------------------------------
Net earnings from operations ........................ 40,155 (2,051) 53,208 37,938 26,734
Cumulative effect of a change in accounting
principle ........................................ -- -- 3,400 -- --
Net earnings (loss) available for common shares
and common stock equivalent shares deemed
-----------------------------------------------------------------------
to have a dilutive effect ........................ $ 40,155 (2,051) 56,608 37,938 26,734
-----------------------------------------------------------------------
Fully diluted earnings (loss) per share before
cumulative effect of a change in accounting
principle ........................................ $ 2.75 (.15) 3.71 2.86 2.04
Cumulative effect of a change in accounting
principle ........................................ -- -- .22 -- --
-----------------------------------------------------------------------
Total fully diluted ....................... $ 2.75 (.15) 3.93 2.86 2.04
-----------------------------------------------------------------------
Shares Used in Computation
Total common shares and common stock
equivalent shares deemed to have a dilutive
effect ........................................... 14,123,632 14,017,097 13,404,815 12,975,898 13,093,923
Additional potentially dilutive securities
(equivalent in common stock):
Convertible preferred stock (Series B) ........ 2,116,875 -- 2,194,315 1,402,922 --
Stock options ................................. 28,502 -- 6,373 23,986 --
-----------------------------------------------------------------------
Total ..................................... 16,269,009 14,017,097 15,605,503 14,402,806 13,093,923
-----------------------------------------------------------------------
Summary of Cash Dividends Declared Per Share
Preferred-Series B .................................. $ 1.69 1.69 1.69 1.14 --
Common .............................................. $ 1.14 1.03 .69 .45 .31
31