EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Quarters Ended March 31, 1996 and 1995
(In thousands of dollars, except per share amounts)
1996 1995
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Net income $ 1,306 $ 901
Less subsidiary preferred stock dividend (32) (32)
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Income applicable to common stock
for primary earnings per share 1,274 869
Add interest expense, net of income tax effects,
attributable to convertible debentures 25 28
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Income applicable to common stock for
fully diluted earnings per share $ 1,299 $ 897
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Weighted average common shares outstanding 6,912 6,152
Additional shares assuming
exercise of stock options and warrants 489 260
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Shares used for primary earnings per share 7,401 6,412
Additional shares assuming
exercise of stock options and warrants 78 60
Conversion of 10% Convertible
Subordinated Debentures due 1996 223 248
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Shares used for fully diluted earnings per share 7,702 6,720
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Earnings per share:
Primary $ .17 $ .14
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Fully diluted $ .17 $ .13
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