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Exhibit (11) - Computation of Earnings Per Share
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Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
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Basic:
Average shares
outstanding 17,874,139 18,033,679 17,884,865 18,081,394
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Net earnings applicable
to common stock and
common stock
equivalents $ 1,190,000 $ 2,850,000 $13,684,000 $15,542,000
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Basic earnings per share $0.07 $0.16 $0.77 $0.86
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Diluted:
Average shares
outstanding 17,874,139 18,033,679 17,884,865 18,081,394
Net effect of dilutive
stock options based on
treasury stock method
using the average
market price to
common stock and
common stock
equivalents 285 64,853 11,761 37,900
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Average number of common
shares and common
equivalent shares 17,874,424 18,098,532 17,896,626 18,119,294
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Net earnings applicable
to common stock and
common stock
equivalents $ 1,190,000 $ 2,850,000 $13,684,000 $15,542,000
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Diluted earnings
per share $0.07 $0.16 $0.76 $0.86
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