Exhibit 11
Computation of Earnings Per Common Share
Primary and Fully Diluted
Three Months Ended Nine Months Ended
April 30 April 30
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1996 1995 1996 1995
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Net income for computing primary and fully diluted
earnings per common share $ 2,633,000 $ 1,971,000 $ 6,411,000 $ 4,458,000
Primary shares
Weighted average number of common shares outstanding 7,932,010 7,211,448 7,866,882 6,519,800
Additions from assumed exercise of stock options and warrants 390,838 375,919 370,955 407,171
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Weighted average of common and common equivalent shares 8,322,848 7,587,367 8,237,837 6,926,971
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Fully diluted shares
Weighted average number of common shares outstanding 7,932,010 7,211,448 7,866,882 6,519,800
Additions from assumed exercise of stock options and warrants 407,226 418,442 407,226 421,345
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Weighted average of common and common equivalent shares 8,339,236 7,629,890 8,274,108 6,941,145
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Net income per common share
Primary $0.32 $0.26 $0.78 $0.64
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Fully diluted $0.32 $0.26 $0.78 $0.64
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Primary additions from assumed exercise of stock options and warrants
are net of assumed purchase of common shares at the average market price
during the period. Fully diluted earnings per share was determined in
the same manner except that the greater of period end or period
average stock price was used.