1
Exhibit 11
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
1993 1994 1995 1996 1997
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PRIMARY
Weighted average number of
shares of Common Stock
outstanding 9,164 9,194 9,231 9,362 9,452
Net effect of dilutive
stock options - based on
the treasury stock method
using average market price 152 107 153 181 160
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TOTAL 9,316 9,301 9,384 9,543 9,612
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Net income $4,270 $5,703 $8,980 $9,653 $9,252
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Per share amount $ 0.46 $ 0.61 $ 0.96 $ 1.01 $ 0.97
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FULLY DILUTED
Weighted average number of
shares of Common Stock
outstanding 9,164 9,194 9,231 9,362 9,452
Net effect of dilutive
stock options - based on
the treasury stock method
using greater of average
market price or closing
market price 152 107 206 181 185
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TOTAL 9,316 9,301 9,437 9,543 9,637
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Net income $4,270 $5,703 $8,980 $9,653 $9,252
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Per share amount $ 0.46 $ 0.61 $ 0.95 $ 1.01 $ 0.96
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The per share and share numbers have been adjusted to reflect the 50% share
distribution declared on December 18, 1996 payable on January 13, 1997 to
holders of record on December 27, 1996. In thousands except per share data.