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         		                                                        EXHIBIT A

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



                         Nine Months Ended           Nine Months Ended
                                     May 31, 1995                May 31, 1994
                                Primary  Fully Diluted      Primary  Fully Diluted
                                -------  -------------      -------  ------------- 
                                                             
Number of common shares 
 outstanding at beginning 
 of period                     9,401,438    9,401,438     9,397,952      9,397,952

Weighted average number 
 of common shares issued 
 pursuant to the exercise 
 of stock options                    --            --	  1,296          1,301

Weighted average number of 
 common shares issuable 
 assuming full conversion
 of 6% convertible 
 subordinated notes                  --     1,658,120            --        568,455

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                      22,684        52,324        18,369         18,369
                                -------       -------       -------        ------- 
Weighted average number of 
 common and common equivalent 
 shares outstanding at end 
 of period                    9,174,120    10,861,880     9,167,615      9,736,075
                             ==========    ==========    ==========     ==========
Earnings applicable for 
 common shares              $12,860,870   $14,126,719   $13,410,570    $13,829,578

Earnings per common and 
 common equivalent shares         $1.40         $1.30         $1.46          $1.42


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