EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER-SHARE EARNINGS
YEAR ENDED DECEMBER 31,
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1996 1995 1994
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(IN THOUSANDS EXCEPT
PER-SHARE DATA)
Primary:
Average shares outstanding................................ 17,196 16,071 10,451
Net effect of dilutive stock options based on the treasury
stock method........................................... * * *
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Total.................................................. 17,196 16,071 10,451
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Net earnings before extraordinary charge from prepayment
of debt................................................ 34,590 29,490 17,777
Net earnings.............................................. 34,590 23,011 17,777
Per-share amounts:
Net earnings.............................................. $2.01 $1.43 $1.70
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Net earnings before extraordinary charge.................. $2.01 $1.83 $1.70
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Fully Diluted:
Average shares outstanding................................ 17,196
Assumed conversion of debentures.......................... 3,095
Stock option incremental shares........................... 72
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Total.................................................. 20,363
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Net earnings.............................................. 34,590
Add interest expense associated with Convertible
Debentures............................................. 7,778
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Total.................................................. 42,368
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Per-share amount.......................................... $2.08
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* The aggregate number of stock options outstanding during each period is less
than 3% of the weighted average shares outstanding, and are not materially
dilutive based on the treasury stock method using the average market price for
the year. For 1995 and 1994, incremental shares from stock options on a fully-
diluted basis using the year-end market price if higher than the average
market price are not materially dilutive.
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