EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Quarter and Six Months Ended June 30, 1995 and 1994
(In $000s except per share amounts)
QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1995 1994 (1) 1995 1994 (1)
------ -------- ------ --------
Net income $2,301 $1,926 $3,202 $2,616
Less subsidiary preferred stock dividend (32) (32) (64) (64)
------ ------ ------ ------
Income applicable to common stock
for primary earnings per share 2,269 1,894 3,138 2,552
Add interest expense, net of income tax effects,
attributable to convertible debentures 28 31 56 62
------ ------ ------ ------
Income applicable to common stock for
fully diluted earnings per share $2,297 $1,925 $3,194 $2,614
====== ====== ====== ======
Weighted average common shares outstanding 6,155 6,089 6,153 6,088
Additional shares assuming:
Exercise of stock options and warrants 382 250 325 201
------ ------ ------ ------
Shares used for primary earnings per share 6,537 6,339 6,478 6,289
Additional shares assuming:
Exercise of stock options and warrants 32 9 89 58
Conversion of 10% Convertible
Subordinated Debentures due 1996 248 276 248 276
------ ------ ------ ------
Shares used for fully diluted earnings per share 6,817 6,624 6,815 6,623
===== ===== ===== =====
Earnings per share:
Primary $.35 $.30 $.48 $.41
==== ==== ==== ====
Fully diluted $.34 $.29 $.47 $.39
==== ==== ==== ====
<FN>
(1) Weighted average common shares outstanding for the quarter and six months
ended June 30, 1994 have been restated to include the effect of a 3-for-2
stock split paid on May 15, 1995.
</FN>
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