1
Exhibit 11
STATEMENT RE COMPUTATION OF EARNINGS PER COMMON SHARE
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NET INCOME AND COMMON SHARES USED IN CALCULATION OF EARNINGS PER COMMON SHARE
FOR THE FIVE YEARS ENDED DECEMBER 31, 1996 WERE COMPUTED AS FOLLOWS (AMOUNTS IN
THOUSANDS):
For the Years Ended December 31,
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1992 1993 1994 1995 1996
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Earnings:
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Net Income $15,340 $24,127 $29,194 $32,639 $13,066
Less preferred stock dividends(1) (4,025) (2,180) - - -
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Net income applicable to common
stock (primary and fully
diluted) $11,315 $21,947 $29,194 $32,639 $13,066
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Common Shares:(2)
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Weighted average shares outstanding
during each year 19,177 22,302 25,574 26,166 26,470
Shares issuable upon assumed
exercise of stock options 503 638 496 754 590
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Common shares - primary 19,680 22,940 26,070 26,920 27,060
Adjustment for full dilution:
Incremental stock options 30 65 44 50 50
Convertible securities(3) - 3,405 356 125 -
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Common shares - assuming full
dilution 19,710 26,410 26,470 27,095 27,110
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<FN>
(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 4,579,230 shares 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 (fully redeemed in 1995) 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, 1992 through 1995.