<PAGE>

                                                      EXHIBIT 11



                         WEIGHTED AVERAGE SHARES
                    THREE MONTHS ENDED MARCH 31, 1998

<TABLE>
<CAPTION>
                                          PRIMARY         FULLY
<S>                                       <C>             <C>

A.  COMMON STOCK              ANNUAL      437193.11       437193.11
                            (1ST QTR)     437193.11       437193.11
</TABLE>



<TABLE>
<CAPTION>

                                   NO. OF
                                    DAYS
                                  --------
<S>                               <C>           <C>
   436565.00  12-31-97 (BAL FWD)
   436565.00        TO 1-14-98       13.00      5675345.00
   436455.00        TO 1-26-98       12.00      5237460.00
   437455.00        TO 4-01-98       65.00     28434575.00
                                                      0.00
                                                      0.00
                                                      0.00
                                                      0.00
                                                      0.00
                                   -----------------------
                                     90.00     39347380.00

AVERAGE SHARES OUTSTANDING
  FOR THE YEAR                                   437193.11

AVERAGE SHARES OUTSTANDING
  FOR THE 1ST QUARTER                            437193.11
</TABLE>


<PAGE>

                 OPTIONS--FULL
                 -------------
USE HIGHER OF YEAR END PRICE OR AVERAGE PRICE
YEAR END PRICE/QTR END               54.000
AVERAGE PRICE                        52.000


USE YEAR END PRICE OF                          54.000    32058.81
                                            ---------
<TABLE>
<CAPTION>
         NO. OF       YEAR END      OPTION     NO. OF
         SHARES          PRICE       PRICE     SHARES
     ------------------------------------------------
<S>      <C>          <C>           <C>        <C>
MZ      2900.00        54.000        13.50      2,175
SN     15689.00        54.000        10.00     12,784
SN      8333.00        54.000        12.00      6,481
TW       400.00        54.000        12.25        309
SN       978.00        54.000        13.25        738
DD      2500.00        54.000        13.00      1,898
MZ      1045.00        54.000        13.00        793
AC       400.00        54.000        13.00        304
TW      1500.00        54.000        13.00      1,139
SN      4000.00        54.000        17.75      2,685
MZ      2000.00        54.000        17.75      1,343
DD      1000.00        54.000        17.75        671
TW      1000.00        54.000        17.75        671
AC       100.00        54.000        17.75         67
</TABLE>



                 OPTIONS--PRIMARY
                 ----------------
               AVERAGE PRICE FOR THE YEAR      52.000    31682.41
                                            ---------
<TABLE>
<CAPTION>
         NO. OF       YEAR END      OPTION     NO. OF
         SHARES          PRICE       PRICE     SHARES
     ------------------------------------------------
<S>      <C>          <C>           <C>        <C>
SN     15689.00        52.000        10.00     12,672
SN      8333.00        52.000        12.00      6,410
MZ      2900.00        52.000        13.50      2,147
TW       400.00        52.000        12.25        306
SN       978.00        52.000        13.25        729
DD      2500.00        52.000        13.00      1,875
MZ      1045.00        52.000        13.00        784
AC       400.00        52.000        13.00        300
TW      1500.00        52.000        13.00      1,125
SN      4000.00        52.000        17.75      2,635
MZ      2000.00        52.000        17.75      1,317
DD      1000.00        52.000        17.75        659
TW      1000.00        52.000        17.75        659
AC       100.00        52.000        17.75         66
</TABLE>


<TABLE>
<CAPTION>
<S>                                        <C>          <C>
 TOTAL SHARES 1ST QUARTER                  469251.92    468875.52
 TOTAL SHARES YEAR-TO-DATE                 469251.92    468875.52
 NET INCOME 1ST QUARTER                     $434,894     $434,894
 NET INCOME YEAR TO DATE, 1998              $434,894     $434,894
 EARNINGS PER SHARE 1ST QUARTER               $0.927       $0.928
 EARNINGS PER SHARE YTD                       $0.927       $0.928
</TABLE>