EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Thousands except Three Months Nine Months
per share amounts) Ended September 30, Ended September 30,
1996 1995 1996 1995
---- ---- ---- ----
PRIMARY
Average shares outstanding 12,929 11,804 12,872 11,100
Net effect of dilutive stock
options--based on the
treasury stock method using
average market price 514 539 513 466
------ -------- ------ --------
TOTAL 13,443 12,343 13,385 11,566
====== ======= ====== ======
Net income $2,689 $ 2,500 $8,372 $5,701
====== ======= ====== ======
Per share amount $ 0.20 $ 0.20 $ 0.63 $ 0.49
====== ======= ====== ======
FULLY DILUTED
Average shares outstanding 12,929 11,804 12,872 11,100
Net effect of dilutive stock options--
based on the treasury stock method
using the quarter-end market price,
if higher than the average market
price 526 549 526 549
------ -------- ------ --------
TOTAL 13,454 12,353 13,398 11,649
====== ======= ====== ======
Net income $2,689 $ 2,500 $8,372 $ 5,701
====== ======= ====== ======
Per share amount $ 0.20 $ 0.20 $ 0.62 $ 0.49
====== ======= ====== ======
NOTE: Financial data for all periods have been restated to reflect three
acquisitions in May 1996 and May 1995, each accounted for as a pooling of
interests in which 318,366 total shares were issued.