EXHIBIT 11.1 COMPUTATION OF EARNINGS PER SHARE Fiscal Years Ended May 31 ---------------------------------------- 1995 1994 1993 ---------- ---------- ------------ INCOME(LOSS) FROM CONTINUING OPERATIONS $ 705,000 $ (212,000) $(1,610,000) ========== ========== ============ NET INCOME(LOSS) $3,002,000 $1,198,000 $ 105,000 ========== ========== =========== Earnings Per Share - Primary: ---------------------------- Weighted average number of shares outstanding 4,218,340 4,214,136 4,197,667 Common share equivalents assuming exercise of stock options and warrants 122,044 53,397 35,822 ---------- ---------- ----------- Average shares used in computing earnings per share 4,340,384 4,267,533 4,233,489 ========== ========== =========== Income(Loss) from continuing operations per share $0.16 $(0.05) $(0.38) ===== ====== ======= Net income per share $0.69 $ 0.28 $ 0.02 ===== ====== ====== Earnings Per Share - Fully Diluted: ---------------------------------- Weighted average number of shares outstanding 4,218,340 4,214,136 4,197,667 Common share equivalent assuming exercise of stock options and warrants 138,051 66,890 35,822 ---------- ---------- ----------- Average shares used in computing earnings per share 4,356,391 4,281,026 4,233,489 ========== =========== =========== Income(Loss) from continuing operations per share $0.16 $(0.05) $(0.38) ===== ======= ======= Net income per share $0.69 $0.28 $0.02 ===== ===== =====