EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS YEAR ENDED JULY 31, 1998 1997 1996 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA BASIC AVERAGE SHARES OUTSTANDING 10,768 10,736 10,736 CONTINGENT SHARES (40) (54) (60) UNALLOCATED SHARES - EMPLOYEES' STOCK OWNERSHIP PLAN (312) (287) (368) TOTAL 10,416 10,395 10,308 INCOME FROM CONTINUING OPERATIONS $5,499 $7,914 $4,631 NET INCOME/(LOSS) $5,499 $7,914 $(1,536) PER SHARE AMOUNTS: INCOME FROM CONTINUING OPERATIONS $ .53 $ .76 $ .45 NET INCOME/(LOSS) $ .53 $ .76 $(.15) DILUTED AVERAGE SHARES OUTSTANDING 10,768 10,736 10,736 ASSUMED CONVERSION OF CONVERTIBLE DEBENTURES 11,297 11,821 11,821 CONTINGENT SHARES (40) (54) (60) UNALLOCATED SHARES - EMPLOYEES' STOCK OWNERSHIP PLAN (312) (287) (368) STOCK OPTIONS ___53 ________ TOTAL 21,766 22,216 22,129 INCOME FROM CONTINUING OPERATIONS $5,499 $7,914 $4,631 ADD CONVERTIBLE DEBENTURES INTEREST AND AMORTIZATION OF DEFERRED CHARGES, NET OF INCOME TAXES 4,237 4,392 4,386 TOTAL $9,736 $12,306 $9,017 NET INCOME/(LOSS) $5,499 $7,914 $ (1,536) ADD CONVERTIBLE DEBENTURES INTEREST AND AMORTIZATION OF DEFERRED CHARGES, NET OF INCOME TAXES TOTAL 4,237 4,392 4,452 PER SHARE AMOUNTS: $9,736 $12,306 $2,916 INCOME FROM CONTINUING OPERATIONS $ .45 $ .55 $ .41 NET INCOME $ .45 $ . 55 $ .13