EXHIBIT 11



                                  Exhibit 11(a)

                    Computation of Primary Earnings Per Share
                             (amounts in thousands)

<TABLE>
<CAPTION>
<S>                                <C>          <C>            <C>      <C>

                                                 Two Months
                                    Year Ended     Ended         Year Ended
                                   December 31,  December 31,    October 31,
                                      1995          1994        1994      1993
                                      ----          ----        ----      ----

Net (loss) in                      $ (49,441)    $(49,944)     $20,021  $31,477
                                    =========    =========    ========  =======

Average common shares
    outstanding                      28,500        29,297       26,197   25,499

Assumed equivalent shares from
    stock options converted to
    common shares (1)                                            2,214    3,073
                                    ---------    ----------   --------  -------

Total weighted average number
    of common and common
    equivalent shares                28,500       29,297        28,411   28,572
                                    ========     =========    ========  =======


Earnings per share                 $ (1.73)      $ (1.70)     $   .70   $  1.10
                                   =========     =========    ========  =======
</TABLE>


(1) Earnings per share are computed using the weighted  average number of shares
of common  stock and  common  stock  equivalents  (common  stock  issuable  upon
exercise of stock options)  outstanding.  In computing  earnings per share,  the
Company  utilizes  the treasury  stock  method.  This method  assumes that stock
options, under certain conditions, are exercised and treasury shares are assumed
to be  purchased  from  the  proceeds  using  the  average  market  price of the
Company's common stock for the period. In the case of a net loss, average shares
outstanding does not assume the exercise of options since an increase in average
shares outstanding would be dilutive to net loss per share.





<PAGE>

                                                                

                                  Exhibit 11(b)

                 Computation of Fully Diluted Earnings Per Share
                             (amounts in thousands)

<TABLE>
<CAPTION>
<S>                                                  <C>               <C>            <C>            <C>

                                                                       Two Months
                                                      Year Ended          Ended               Year Ended
                                                     December 31,      December 31,            October 31,
                                                         1995             1994            1994           1993

Net (loss) income                                    $   (49,441)      $   (49,944)   $    20,021    $    31,477

Average common  shares
    outstanding                                           28,500            29,297         26,197         25,499

Assumed equivalent shares from
    stock options converted to
    common shares (1)                                                                       2,214          3,378

Total weighted average number
    of common and common
    equivalent shares                                     28,500            29,297         28,411(3)      28,877


Earnings per share (2)                               $     (1.73)      $    (1.70)    $       .70(3) $      1.09
</TABLE>


(1)   Earnings per share are  computed  consistent  with (1) on Exhibit  11(a) -
      Computation  of  Primary  Earnings  Per Share  except in  computing  fully
      diluted  earnings  per share,  the  treasury  stock method uses the market
      price of the Company's common stock at the close of the period rather than
      the average market price during the period (if the closing price is higher
      than the average market price during the period).

(2)   This  calculation  is submitted in  accordance  with  Regulation  S-K item
      601(b)(11)  although not required by Footnote 2 to paragraph 14 of APB
      Opinion No. 15 because it results in dilution of less than 3%.

(3)   The weighted  average  number of common and common  equivalent  shares and
      earnings per share on this exhibit are equal to the respective  amounts on
      Exhibit  11(a) -  Computation  of  Primary  Earnings  Per Share  since the
      year-end  market value of the  Company's  stock was lower than the average
      market value used in applying the treasury stock method in the computation
      of primary earnings per share.