EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
QUARTERS ENDED MARCH 31, 1997 AND 1996
(In thousands, except per share data)
1997 1996(1)
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Net income $ 2,282 $ 1,306
Less subsidiary preferred stock dividend (32) (32)
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Income applicable to common stock
for primary earnings per share 2,250 1,274
Add interest expense, net of income tax effects,
attributable to convertible debentures -- 25
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Income applicable to common stock for
fully diluted earnings per share $ 2,250 $ 1,299
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Weighted average common shares outstanding 15,298 10,368
Additional shares assuming
exercise of stock options and warrants 1,102 733
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Shares used for primary earnings per share 16,400 11,101
Additional shares assuming
exercise of stock options and warrants -- 117
Conversion of 10% Convertible
Subordinated Debentures due 1996 -- 335
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Shares used for fully diluted earnings per share 16,400 11,553
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Earnings per share:
Primary $ .14 $ .11
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Fully diluted $ .14 $ .11
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(1) Weighted average common shares outstanding have been restated to include the
effect of a 3-for-2 stock split paid on June 14, 1996.
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