EXHIBIT (11)
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (LOSS):
(A) Computation of the weighted average number of shares of common stock
outstanding for the periods indicated:
WEIGHTED
SHARES OF NUMBER OF DAYS NUMBER OF NUMBER OF SHARES
COMMON STOCK OUTSTANDING SHARE DAYS OUTSTANDING
------------ -------------- ----------- -----------------
Quarter Ended January 1, 1998
- -----------------------------
October 1 - January 1 6,646,677 93 618,140,949
Shares Issued 22,838 Various 799,637
--------- -----------
6,669,515 618,940,586 6,655,275
========= =========== =========
Quarter Ended January 2, 1997
- -----------------------------
October 1 - January 2 6,658,487 94 625,897,769
Treasury Stock Purchases ( 37,381) Various ( 2,453,193)
Shares Issued 15,344 Various 945,756
--------- -----------
6,636,450 624,390,332 6,642,450
========= =========== =========
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(B) Computation of Earnings (Loss) Per Share:
Computation of earnings (loss) per share is net earnings divided by the
weighted average number of shares of common stock outstanding for the
periods indicated:
QUARTER ENDED
January 1, January 2,
1998 1997
----------- -----------
Basic:
Weighted average number of shares of common
stock outstanding 6,655,275 6,642,450
--------- ----------
Earnings (loss) before cumulative effect
of accounting change ($ 274,243) $ 193,511
Cumulative effect of accounting change 0 ( 1,468,140)
--------- ----------
Net earnings (loss) ($ 274,243) ($1,274,629)
--------- ----------
Earnings (loss) per share before cumulative
effect of accounting change ($ 0.04) $ 0.03
Loss per share from cumulative effect of
accounting change 0.00 ( 0.22)
--------- ----------
Net earnings (loss) per share ($ 0.04) ($ 0.19)
========= ==========
Assumuming dilution:
Weighted average number of shares of common
stock outstanding 6,655,275 6,642,450
Net effect of dilutive stock options-based on
the treasury stock method using average
market price 0 89,442
--------- ----------
Total 6,655,275 6,731,892
--------- ---------
Earnings (loss) before cumulative effect
of accounting change ($ 274,243) $ 193,511
Cumulative effect of accounting change 0 ( 1,468,140)
--------- ----------
Net earnings (loss) ($ 274,243) ($1,274,629)
--------- ----------
Earnings (loss) per share before cumulative
effect of accounting change ($ 0.04) $ 0.03
Loss per share from cumulative effect of
accounting change 0.00 ( 0.22)
--------- ----------
Net earnings (loss) per share ($ 0.04) ($ 0.19)
========= ==========
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