<PAGE>
                                                                      Exhibit 11

                    Computation of Earnings Per Common Share
           (Dollars and shares in thousands except per share amounts)



<TABLE> 
<CAPTION> 
                                                                                              THIRD QUARTER                     
                                                                                           Thirteen Weeks Ended              
                                                                                    September 28,       September 30,    
                                                                                        1996               1995            
                                                                                    -------------      -------------       
<S>                                                                               <C>                <C> 
Primary Earnings (Loss) per Common Share

     Net earnings (loss) applicable to common stock
          Net earnings (loss)                                                     $       (4,087)             8,698        
          ESOP dividend requirements
               Preferred stock dividends declared                                           (582)              (594)       
               Tax benefit on dividends - unallocated shares                                  83                106        
                                                                                    -------------      -------------       
          Net earnings (loss) applicable to common stock                          $       (4,586)             8,210        
                                                                                    -------------      -------------       

     Weighted average number of common shares and equivalents outstanding
          Weighted average number of common shares outstanding                            14,796             14,718        
          Common stock equivalents:
               Stock options, assuming exercised at average market price                       - *              135        
                                                                                    -------------      -------------       
          Weighted average number of common shares and equivalents outstanding            14,796             14,853        
                                                                                    -------------      -------------       

     Primary Earnings (Loss) per Common Share                                     $        (0.31)              0.55     
                                                                                    =============      =============       

Fully Diluted Earnings (Loss) per Common Share

     Net earnings (loss) applicable to common stock
          Net earnings (loss)                                                     $            -              8,698        
          Incremental cash contribution to the ESOP assuming conversion
               of preferred stock to common                                                    -               (223)       
          Tax benefit on the incremental cash contribution                                     -                 78        
                                                                                    -------------      -------------       
          Net earnings (loss) applicable to common stock                          $            -              8,553        
                                                                                    -------------      -------------       

     Weighted average number of common shares and equivalents outstanding
          Weighted average number of common shares outstanding                                 -             14,718        
          Common stock equivalents:
               Stock options, assuming exercised at greater of ending or average
                 market price                                                                  -                135        
               Series B ESOP preferred stock                                                   -              1,499        
                                                                                    -------------      -------------       
          Weighted average number of common shares and equivalents outstanding                 -             16,352        
                                                                                    -------------      -------------       

     Fully Diluted Earnings (Loss) per Common Share                               $        (0.31)**            0.52     
                                                                                    =============      =============       
</TABLE> 

<TABLE> 
<CAPTION> 

                                                                                          YEAR-TO-DATE            
                                                                                     Thirty-nine Weeks Ended       
                                                                                  September 28,      September 30, 
                                                                                      1996               1995        
                                                                                 -------------      -------------   
<S>                                                                             <C>                <C> 
Primary Earnings (Loss) per Common Share                                        
                                                                                
     Net earnings (loss) applicable to common stock                             
          Net earnings (loss)                                                         (14,195)            27,341    
          ESOP dividend requirements                                                                                
               Preferred stock dividends declared                                      (1,762)            (1,812)   
               Tax benefit on dividends - unallocated shares                              267                340    
                                                                                 -------------      -------------   
          Net earnings (loss) applicable to common stock                              (15,690)            25,869    
                                                                                 -------------      -------------   
                                                                                                                    
     Weighted average number of common shares and equivalents outstanding                                           
          Weighted average number of common shares outstanding                         14,778             14,683    
          Common stock equivalents:                                                                                 
               Stock options, assuming exercised at average market price                    - *              137    
                                                                                 -------------      -------------   
          Weighted average number of common shares and equivalents outstanding         14,778             14,820    
                                                                                 -------------      -------------   
                                                                                                                    
     Primary Earnings (Loss) per Common Share                                           (1.06)              1.75 
                                                                                 =============      =============   
                                                                                                                    
Fully Diluted Earnings (Loss) per Common Share                                                                      
                                                                                                                    
     Net earnings (loss) applicable to common stock                                                                 
          Net earnings (loss)                                                               -             27,341    
          Incremental cash contribution to the ESOP assuming conversion                                             
               of preferred stock to common                                                 -               (680)   
          Tax benefit on the incremental cash contribution                                  -                238    
                                                                                 -------------      -------------   
          Net earnings (loss) applicable to common stock                                    -             26,899    
                                                                                 -------------      -------------   
                                                                                                                    
     Weighted average number of common shares and equivalents outstanding                                           
          Weighted average number of common shares outstanding                              -             14,683    
          Common stock equivalents:                                                                                 
               Stock options, assuming exercised at greater of ending or average                                    
                 market price                                                               -                152    
               Series B ESOP preferred stock                                                -              1,516    
                                                                                 -------------      -------------   
          Weighted average number of common shares and equivalents outstanding              -             16,351    
                                                                                 -------------      -------------   
                                                                                                                    
     Fully Diluted Earnings (Loss) per Common Share                                     (1.06)**            1.65 
                                                                                 =============      =============    
</TABLE> 


*   Not applicable because it would result in an anti-dilutive calculation.
**  Fully diluted calculation is not presented because it is anti-dilutive.