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EXHIBIT 11
(In millions, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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PRIMARY EARNINGS PER SHARE:
NUMBER OF SHARES
Average shares outstanding 24.0 24.9 24.5 25.7
Net effect of dilutive stock options - based on treasury stock
method using average market price .3 .6 .4 .5
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Total common and common equivalent shares outstanding 24.3 25.5 24.9 26.2
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Net income per share $ .25 $ .56 $ .43 $ 1.06
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The unaudited earnings per share for all periods presented were computed
based on the weighted average number of shares of common stock outstanding
and common stock equivalents. The market price of common stock on September
30, 1996 was below the average for the three month and nine month periods
ended September 30, 1996. Therefore, in a fully dilutive earnings per share
calculation, the impact of stock options would be anti-dilutive.