EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Quarters Ended March 31, 1995 and 1994
(In $000s except per share amounts)
1995 (1) 1994 (1)
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Net income $ 901 $ 690
Less subsidiary preferred stock dividend (32) (32)
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Income applicable to common stock
for primary earnings per share 869 658
Add interest expense, net of income tax effects,
attributable to convertible debentures 28 31
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Income applicable to common stock for
fully diluted earnings per share $ 897 $ 689
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Weighted average common shares outstanding 6,152 6,087
Additional shares assuming
exercise of stock options and warrants 260 142
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Shares used for primary earnings per share 6,412 6,229
Additional shares assuming
exercise of stock options and warrants 60 25
Conversion of 10% Convertible
Subordinated Debentures due 1996 248 276
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Shares used for fully diluted earnings per share 6,720 6,530
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Earnings per share:
Primary $.14 $.11
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Fully diluted $.13 $.11
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<FN>
(1) Weighted average common shares used in the calculation of earnings
per share for the quarters ended March 31, 1995 and 1994 have been
restated to reflect a 3-for-2 stock split payable on May 15, 1995
to shareholders of record as of April 28, 1995.
</FN>
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