Computation of Per Share Earnings
Exhibit 11
(Unaudited)
(in thousands, except EPS data)
Three Months Ended Six Months Ended
June 30, June 30,
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1995 1996 1995 1996
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Net Income $ 615 $ 861 $ 1,179 $ 1,867
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Weighted average common shares outstanding 3,958 4,367 3,620 4,260
Common equivalent shares:
Shares issuable upon exercise
of stock options (1) 236 330 195 277
Convertible preferred stock 0 696 0 725
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Total weighted average shares - primary 4,194 5,393 3,815 5,262
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Fully diluted incremental shares:
Stock options (calculated using the higher
of end of periof or average market value) 68 0 86 4
Convertible subordinated debentures 597 485 599 532
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Total weighted average shares - fully diluted 4,859 5,878 4,500 5,798
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Primary net income per common and
common equivalent share 0.15 0.16 0.31 0.35
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Fully diluted net income per common and
common equivalent share 0.13 0.15 0.26 0.32
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(1) Amount calculated under the treasury stock method and fair market value for stock