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EXHIBIT 11.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (RESTATED)
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<CAPTION>
YEAR ENDED DECEMBER 31, 1996 (Restated)
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ASSUMING
PRIMARY FULL DILUTION
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<S> <C> <C>
WEIGHTED AVERAGE OF OUTSTANDING
SHARES 28,472,608 28,472,608
COMMON EQUIVALENT SHARES:
OUTSTANDING STOCK OPTIONS 664,753 747,228
OTHER POTENTIALLY DILUTIVE SECURITIES:
CONVERTIBLE DEBENTURES (1) N/A 2,396,283
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SHARES USED IN COMPUTING
NET INCOME PER SHARE 29,137,361 31,616,119
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NET INCOME BEFORE EXTRAORDINARY ITEM $ 7,961,755 $ 7,961,755
EXTRAORDINARY ITEM 1,980,000 1,980,000
ADJUSTMENTS ASSUMING FULL DILUTION:
INTEREST EXPENSE, NET OF TAXES (1) N/A 1,412,118
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NET INCOME $ 9,941,755 $ 11,353,873
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INCOME PER SHARE BEFORE EXTRAORDINARY ITEM $ 0.273 $ 0.296
EXTRAORDINARY ITEM PER SHARE 0.068 0.063
DILUTION PERCENTAGE ASSUMING FULL DILUTION (2) N/A -5.3%
NET INCOME PER SHARE $ 0.34 $ 0.34
============= ============
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NOTES:
(1) The convertible debentures were converted to common stock on August 14,
1996. Accordingly, the effects of an assumed conversion are included in
year-to-date earnings per share only through that date.
(2) Provided that dilution is greater than 3%, the convertible debentures
are considered dilutive in the calculation and presentation of per share
data.
Note: Subsidiary stock options that enable holders to obtain subsidiary's
common stock are included in computing the subsidiary's earnings per
share, to the extent dilutive. Those earnings per share data are included
in the company's per share computations, to the extent dilutive, based on
the company's holdings of the subsidiary's common stock. For the three
months and twelve months ended December 31, 1996, all such subsidiary
stock options were anti-dilutive.
