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                                                                      Exhibit 11


                   CALCULATION OF PRIMARY EARNINGS PER SHARE
           (DOLLARS IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)



<TABLE>
<CAPTION>
                                                      Three months                                       Nine months
                                                         ended                                              ended
                                                      December 31,                                       December 31,
                                                                                                       

                                                1995                 1994                        1995                     1994
                                                ----                 ----                        ----                     ----
 <S>                                          <C>                  <C>                         <C>                      <C>

 Weighted average common shares               23,108,433           22,893,931                  23,156,263               22,879,266
 and common share equivalents                     
 outstanding                                


 Net income                                       $4,089               $6,130                     $17,610                  $17,744


 Earnings per share                                 $.18                 $.27                        $.76                     $.78
</TABLE>





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