EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended September 30, Nine Months Ended September 30,
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1997 1996 1997 1996
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(000's omitted, except per share data)
Primary:
Weighted average shares outstanding 10,970 10,867 10,942 10,858
Net effect of dilutive employee stock options and common
stock warrants - based on the treasury stock method
using average market price 1,160 691 1,021 605
Assumed conversion of Series D convertible preferred
stock into common shares 3,000 - 2,065 -
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Total 15,130 11,558 14,028 11,463
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Net income $ 2,636 $ 1,949 $ 8,083 $ 5,051
Less: Preferred stock dividends - 238 - 706
Add: Carrying amount of preferred stock repurchased
over consideration paid - - 1,906 -
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Income applicable to common stock $ 2,636 $ 1,711 $ 9,989 $ 4,345
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Income per share applicable to common stock $ 0.17 $ 0.15 $ 0.71 $ 0.38
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Fully Diluted:
Weighted average shares outstanding 10,970 10,867 10,942 10,858
Net effect of dilutive employee stock options and common
stock warrants - based on the treasury stock method
using average market price 1,160 691 1,021 605
Assumed conversion of Series D convertible preferred
stock into common shares 3,000 - 2,065 -
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Total 15,130 11,558 14,028 11,463
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-------- -------- -------- --------
Net income $ 2,636 $ 1,949 $ 8,083 $ 5,051
Less: Preferred stock dividends - 238 - 706
Add: Carrying amount of preferred stock repurchased
over consideration paid - - 1,906 -
Income applicable to common stock $ 2,636 $ 1,711 $ 9,989 $ 4,345
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Income per share applicable to common stock $ 0.17 $ 0.15 $ 0.71 $ 0.38
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