EXHIBIT 11
Computation of Earnings per Share
($000 except per share data)
The three months ended The nine months ended
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September 30 October 1, September 30 October 1,
1995 1994 1995 1994
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PRIMARY:
Wtd avg common shares outstanding 2,501 2,501 2,493 2,501
Common equivalent shares 5 0 3 0
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Wtd avg common shares and commom
equivalent shares outstanding 2,506 2,501 2,496 2,501
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Net income applicable to common shares $ (382) 288 $ 332 666
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Prmiary earnings per share $ (0.15) 0.12 $ 0.13 0.27
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FULLY DILUTED:
Wtd avg common shares outstanding 2,496 2,501 2,489 2,501
Common equivalent shares 10 0 10 0
Additional shares assuming conversion
of subordinated debentures 683 650 683 650
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Fully diluted wtd avg common shares and
common equivalent shares outstanding 3,189 3,151 3,182 3,151
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Net income for diluted common shares $ (292) 377 $ 602 936
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Fully diluted earnings per share $ (0.09) 0.12 $ 0.19 0.30
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<FN>
Common shares have been adjusted to give effect to the 5% stock dividend paid January 27,
1995.
The $4,500,000 8% Convertible Subordinated Notes are convertible to common shares at a price
of $6.59 per share after giving effect to the stock dividend paid January 27, 1995.
Earnings per common share and common equivalent share were computed by dividing the net
income by the weighted average number of shares of common stock and common stock equivalents
outstanding during the period.
Earnings per common share, assuming full dilution, is determined by assuming that at the
beginning of the period convertible notes were converted at the price per share in effect at
that time and common share options were excercised. As to the options, incremental shares
would be calculated using the treasury stock method, assuming common share purchases at the
greater of the average market price of the common shares for the period or the ending price
of the common shares.