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<PAGE>
EXHIBIT 11 - STATEMENT Re: COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Nine months ended September 30,
2000 1999
--------------------------------------------
(in thousands, except per share data)
<S> <C> <C>
Basic:
Net income $ 3,393 $14,557
Average shares outstanding 16,880 16,833
--------------------------------------------
Basic EPS $ 0.20 $ 0.86
============================================
Diluted:
Net income $ 3,393 $14,557
Average shares outstanding 16,880 16,833
Effect of dilutive securities:
Employee stock options - -
Contingently issuable stock - -
--------------------------------------------
Totals 16,880 16,833
--------------------------------------------
Diluted EPS $ 0.20 $ 0.86
============================================
</TABLE>
<TABLE>
<CAPTION>
Three months ended September 30,
2000 1999
---------------------------------------------
(in thousands, except per share data)
<S> <C> <C>
Basic:
Net (loss) income $ (921) $ 2,318
Average shares outstanding 16,888 16,857
---------------------------------------------
Basic EPS $ (0.05) $ 0.14
=============================================
Diluted:
Net (loss) income $ (921) $ 2,318
Average shares outstanding 16,888 16,857
Effect of dilutive securities:
Employee stock options - -
Contingently issuable stock - -
---------------------------------------------
Totals 16,888 16,857
---------------------------------------------
Diluted EPS $ (0.05) $ 0.14
=============================================
</TABLE>
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