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         		                                                        EXHIBIT A
               WATERHOUSE INVESTOR SERVICES, INC. AND SUBSIDIARIES
           COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARES



                             Six Months Ended      Six Months Ended
                                      February 28, 1995     February 28, 1994
                                    Primary Fully Diluted Primary Fully Diluted
                                    -------  ------------ ------- -------------
                                                         
Number of common shares 
outstanding at beginning of period   9,401,438 9,401,438  9,396,948  9,396,948

Weighted average number 
of common shares issued pursuant 
to the exercise of stock options       --          --	       1,955       1,963

Weighted average number of common shares 
issuable assuming full conversion
of 6% convertible subordinated notes  --      1,658,120         --     721,748

Weighted average number of common 
shares held in treasury              (250,002)  (250,002)   (250,002)  (250,002)
  
Common shares issuable assuming stock 
options outstanding were exercised at the
beginning of the period with applicable 
proceeds used to purchase treasury stock 
at the average market price during 
the period                            16,436     50,572      19,180      19,180
                                     -------    -------     -------     ------- 
Weighted average number of common 
and common equivalent shares 
outstanding at end of period       9,167,872 10,860,128   9,168,081   9,889,837
                                  ========== ==========  ==========   ==========
Earnings applicable for 
common shares                     $7,703,904 $8,547,804  $9,988,410 $10,349,410

Earnings per common and common 
equivalent shares                      $ .84      $ .79       $1.09       $1.05


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