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Exhibit 11
Computation of Per Share Earnings
Year Ended October 31,
1997 1996 1995
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(in thousands except per-share data)
Primary
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Average shares outstanding .......................................... 14,032 14,916 15,381
Net effect of dilutive stock options - based on
the treasury stock method using average
market price ............................................. 456 340 201
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Total .......... 14,488 15,256 15,582
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Income from continuing operations
before extraordinary items ...................................... $ 26,791 $ 15,356 $ 24,282
Preferred stock dividends and adjustments ........................... (1,895) (2,058) (2,084)
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Income applicable to common stock ................................... $ 24,896 $ 13,298 $ 22,198
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Per share amount .................................................... $ 1.72 $ 0.87 $ 1.42
Income from discontinued operations ................................. $ 0 $ 6,083 $ 6,101
Per share amount .................................................... $ 0.00 $ 0.40 $ 0.40
Extraordinary items ................................................. $ 0 $ (4,044) $ 0
Per share amount .................................................... $ 0.00 $ (0.26) $ 0.00
Net income .......................................................... $ 26,791 $ 17,395 $ 30,383
Preferred stock dividends and adjustments ........................... (1,895) (2,058) (2,084)
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Income applicable to common stock ................................... $ 24,896 $ 15,337 $ 28,299
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Per share amount .................................................... $ 1.72 $ 1.01 $ 1.82
Fully Diluted
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Average shares outstanding .......................................... 14,032 14,916 15,381
Net effect of dilutive stock options - based on
the treasury stock method using the year
end price, if higher than average market
price ........................................................... 544 478 202
Common share equivalents:
Series B Preferred .............................................. 2,898 1,545 1,302
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Total .......... 17,474 16,939 16,885
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Income from continuing operations before
extraordinary items ............................................. $ 26,791 $ 15,356 $ 24,282
Preferred stock (Series B) dividends rate
adjustment ...................................................... (330) (1,223) (1,420)
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Income applicable to common stock ................................... $ 26,461 $ 14,133 $ 22,862
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Per share amount .................................................... $ 1.51 $ 0.83 $ 1.35
Income from discontinued operations ................................. $ 0 $ 6,083 $ 6,101
Per share amount .................................................... $ 0.00 $ 0.36 $ 0.37
Extraordinary items ................................................. $ 0 $ (4,044) $ 0
Per share amount .................................................... $ 0.00 $ (0.24) $ 0.00
Net income .......................................................... $ 26,791 $ 17,395 $ 30,383
Preferred stock (Series B) dividends
rate adjustment ................................................. (330) (1,223) (1,420)
-------- -------- --------
Income applicable to common stock ................................... $ 26,461 $ 16,172 $ 28,963
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Per share amount .................................................... $ 1.51 $ 0.95 $ 1.72