Exhibit 11 -- Statement Re: Computation of Per-Share Earnings
Three months ended Six months ended
February 28, February 28,
1997 1996 1997 1996
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Primary
Average shares outstanding 1,572,894 1,563,420 1,567,659 1,562,922
Net effect of dilutive stock
options - based on the
treasury stock method using
average market price 145,437 169,070 150,956 166,404
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Total 1,718,331 1,732,490 1,718,615 1,729,326
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Net income $237,336 $156,229 $433,153 $246,831
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Per-share amount $0.14 $0.09 $0.25 $0.14
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Fully Diluted
Average shares outstanding 1,572,894 1,563,420 1,567,659 1,562,922
Net effect of dilutive stock
options - based on the
treasury stock method using
the quarter end market price,
if higher than average
market price 145,437 169,070 150,956 171,968
--------- --------- --------- ---------
Total 1,718,331 1,732,490 1,718,615 1,734,890
========= ========= ========= =========
Net income $237,336 $156,229 $433,153 $246,831
======== ======== ======== ========
Per-share amount $0.14 $0.09 $0.25 $0.14
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