Exhibit 11
Computation of Primary and Fully Diluted Net Income (Loss) Per Share
For the three months For the twelve months
ended December 31 ended December 31
1994 1993 1994 1993
Average shares outstanding 8,727,971 10,665,320 8,677,811 11,709,355
Add shares assuming exercise of
options reduced by the number
of shares which could have been
purchased with the proceeds from
exercise of such options 16,212 20,779 18,204 23,150
Average shares and equivalents
outstanding, primary 8,744,183 10,686,099 8,696,015 11,732,505
Average shares outstanding 8,727,971 10,665,320 8,677,811 11,709,355
Add shares giving effect to
the conversion of the
convertible subordinated
debentures 2,824,859 2,824,859 2,824,859 (1)
Add shares giving effect to the
conversion of the convertible
preferred stock 2,564,103 1,054,131 2,564,103 (1)
Add shares assuming exercise of
options reduced by the number of
shares which could have been
purchased with the proceeds from
exercise of such options 16,212 20,111 19,132 23,921
Average shares and equivalents
outstanding, assuming full dilution 14,133,145 14,564,421 14,085,905 11,733,276
Primary Earnings
Income from continuing operations
before extraordinary charge
and accounting changes $10,089,000 $ 8,670,000 $30,745,000 $14,966,000
Income from discontinued
operations - - - 3,201,000
Gain from disposition of
discontinued operations - - - 9,207,000
Cumulative effect of accounting
changes - - - (70,305,000)
Net income (loss) $10,089,000 $ 8,670,000 $30,745,000 $(42,931,000)
Preferred dividends (1,125,000) (463,000) (4,500,000) (463,000)
Earnings (loss) on Common $ 8,964,000 $ 8,207,000 $26,245,000 $(43,394,000)
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Exhibit 11
Computation of Primary and Fully Diluted Net Income (Loss) Per Share
(continued)
For the three months For the twelve months
ended December 31 ended December 31
1994 1993 1994 1993
Primary earnings (loss) per share
Income from continuing operations
before extraordinary charge
and accounting changes $ 1.03 $ .77 $ 3.02 $ 1.24
Income from discontinued
operations - - - .27
Gain from disposition of
discontinued operations - - - .78
Cumulative effect of accounting
changes - - - (5.99)
Net income (loss) $ 1.03 $ .77 $ 3.02 $ (3.70)
Fully Diluted Earnings
Income from continuing operations
before extraordinary charge
and accounting change $ 8,964,000 $8,207,000 $26,245,000 $ 14,503,000
Add convertible subordinated
debenture interest, net of taxes 1,144,000 1,144,000 4,575,000 (1)
Add convertible preferred
dividends 1,125,000 463,000 4,500,000 (1)
Income from continuing operations
before and accounting changes
as adjusted 11,233,000 9,814,000 35,320,000 14,503,000
Income from discontinued
operations - - - 3,201,000
Gain from disposition of
discontinued operations - - - 9,207,000
Cumulative effect of accounting
changes - - - (70,305,000)
Net income (loss) $11,233,000 $9,814,000 $35,320,000 $(43,394,000)
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Exhibit 11
Computation of Primary and Fully Diluted Net Income (Loss) Per Share
(continued)
For the three months For the twelve months
ended December 31 ended December 31
1994 1993 1994 1993
Fully diluted earnings (loss)
per share
Income before accounting change $ .80 $ .67 2.51 $ (2)
Cumulative effect of accounting
change - - - (2)
Net income (loss) $ .80 $ .67 2.51 $ (2)
(1) The assumed conversion of the Registrant's Convertible Subordinated
Debentures and Convertible Preferred Stock for the twelve months
ended December 31, 1993 would have an anti- dilutive effect for the
computation of earnings per share; therefore conversion has not been
assumed for these periods.
(2) Fully diluted net income per share for the twelve months ended
December 31, 1993 is not presented as effects are anti-dilutive.
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