<PAGE>

                         EARNINGS PER SHARE - EXHIBIT 11.1 
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

                                    (UNAUDITED)

<TABLE>
<CAPTION>
BASIC INCOME PER SHARE:

                                                THREE MONTHS ENDED           NINE MONTHS ENDED       
                                                   SEPTEMBER 30,                SEPTEMBER 30,        
                                           --------------------------    --------------------------  
                                               1997          1998            1997           1998
                                           -----------    -----------    -----------    -----------  
<S>                                        <C>            <C>            <C>            <C>
Net income                                 $     3,144    $     4,346    $     3,185    $    16,646  
                                           -----------    -----------    -----------    -----------  
Weighted average shares outstanding         12,156,878     22,695,478     11,968,472     19,714,997  
                                           -----------    -----------    -----------    -----------  
Income per share                           $      0.26    $      0.19    $      0.27    $      0.84  
                                           -----------    -----------    -----------    -----------  
                                           -----------    -----------    -----------    -----------  

DILUTED INCOME PER SHARE:
<CAPTION>
                                                THREE MONTHS ENDED           NINE MONTHS ENDED       
                                                   SEPTEMBER 30,                SEPTEMBER 30,        
                                           --------------------------    --------------------------  
                                               1997          1998            1997           1998
<S>                                        <C>            <C>            <C>            <C>
Net income                                 $     3,144    $     4,346    $     3,185    $    16,646  
                                           -----------    -----------    -----------    -----------  
Weighted average shares outstanding         12,156,878     22,695,478     11,968,472     19,714,997  

Effect of dilutive shares-stock options         -              53,045        -              296,803  
                                           -----------    -----------    -----------    -----------  
Total weighted average dilutive shares      12,156,878     22,748,523     11,968,472     20,011,799  
                                           -----------    -----------    -----------    -----------  
                                           -----------    -----------    -----------    -----------  
Income per common share                    $      0.26    $      0.19    $     0. 27    $      0.83  
                                           -----------    -----------    -----------    -----------  
                                           -----------    -----------    -----------    -----------  
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