EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Years Ended December 31,
1995 1994 1993
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(In thousands, except per share amounts)
PRIMARY
Average shares outstanding 11,480 10,623 8,782
Net effect of dilutive stock options--
based on the treasury stock method
using average market price 473 229 200
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TOTAL 11,953 10,852 8,982
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Income from continuing operations $8,451 $5,949 $3,896
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Net income $8,451 $5,949 $3,896
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Income per share:
Continuing operations $.71 $ .55 $ .43
---- ----- ----
Net income $.71 $ .55 $ .43
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FULLY DILUTED
Average shares outstanding 11,480 10,623 8,782
Neteffect of dilutive stock options--
based on the treasury stock method
using the year-end market price, if
higher than the average market price 496 229 236
--- --- ---
TOTAL 11,976 10,852 9,018
====== ====== =====
Income from continuing operations $8,451 $5,949 $3,896
------ ------ ------
Net income $8,451 $5,949 $3,896
===== ====== ======
Income per share:
Continuing operations $.71 $ .55 $ .43
---- ---- ----
Net income $.71 $ .55 $ .43
=== ===== ====
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The Computation of Per Share Earnings for all periods have been restated to
reflect the acquisitions of American Telcom Corp. of Georgia, Inc. and Access
West, Inc. in May 1995, each accounted for as a pooling of interests.