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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 ended         Six months ended
                                           September 30,               September 30,

                                       1996          1995          1996          1995
                                       ----          ----          ----          ----
<S>                                 <C>           <C>           <C>           <C>       
Weighted average common shares
  and common share equivalents
  outstanding                       23,041,992    23,252,372    23,083,026    23,178,946

Net income                         $     4,533   $     6,705   $    10,684   $    13,521

Earnings per share - primary and
  fully diluted                    $       .20   $       .29   $       .46   $       .58


</TABLE>

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