EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Quarter and Nine Months Ended September 30, 1995 and 1994
(In $000s except per share amounts)
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1995 1994 (1) 1995 1994 (1)
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Net income $2,831 $2,307 $6,033 $4,923
Less subsidiary preferred stock dividend (33) (33) (97) (97)
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Income applicable to common stock
for primary earnings per share 2,798 2,274 5,936 4,826
Add interest expense, net of income tax effects,
attributable to convertible debentures 28 31 84 93
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Income applicable to common stock for
fully diluted earnings per share $2,826 $2,305 $6,020 $4,919
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Weighted average common shares outstanding 6,206 6,111 6,171 6,096
Additional shares assuming:
Exercise of stock options and warrants 432 246 337 212
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Shares used for primary earnings per share 6,638 6,357 6,508 6,308
Additional shares assuming:
Exercise of stock options and warrants 79 - 176 21
Conversion of 10% Convertible
Subordinated Debentures due 1996 243 270 246 275
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Shares used for fully diluted earnings per share 6,960 6,628 6,930 6,604
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Earnings per share:
Primary $.42 $.36 $.91 $.77
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Fully diluted $.41 $.35 $.87 $.74
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(1) Weighted average common shares outstanding for the quarter and nine
months ended September 30, 1994 have been restated to include the effect
of a 3-for-2 stock split paid on May 15, 1995.