1 		 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 12