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EXHIBIT 11
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STATEMENT RE COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
Net income (loss) and common shares used in calculation of earnings (loss) per
common share for the five years ended December 31, 1994 were computed as follows
(amounts in thousands):
For the Years Ended December 31,
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1990 1991 1992 1993 1994
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Earnings:
Net Income (loss) $(1,262) $17,482 $15,340 $24,127 $29,194
Less preferred stock dividends(1) (4,025) (4,025) (4,025) (2,180) --
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Net income (loss) applicable to
common stock (primary and
fully diluted) $(5,287) $13,457 $11,315 $21,947 $29,194
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Common Shares:(2)
Weighted average shares outstanding
during each year 18,364 18,486 19,050 22,147 25,347
Shares issuable upon assumed exer-
cise of options 156 254 630 793 723
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Common shares - primary 18,520 18,740 19,680 22,940 26,070
Adjustment for full dilution(3) 10 30 30 3,470 390
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Common shares - assuming full
dilution 18,530 18,770 19,710 26,410 26,460
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(1) In 1993, the Company exercised its redemption rights; however, prior to the
planned redemption date, 2,289,615 shares of convertible Preferred Stock
were converted into 2,289,615 shares (4,579,230 on a post stock split basis)
of Common Stock of the Company.
(2) All share amounts have been adjusted to reflect a 10% Common Stock dividend
paid January 17, 1992 to stockholders of record December 23, 1991 and a
two-for-one Common Stock split paid October 18, 1993 to stockholders of
record September 30, 1993.
(3) The assumed conversion of preferred stock and/or outstanding convertible
subordinated debentures into Common Stock resulted in no reportable dilution
for purposes of calculating fully diluted earnings per common share for each
year in the periods ended December 31, 1990 through 1994.