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                                                                     EXHIBIT A

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




                                           Three Months Ended               Three Months Ended   
                                            November 30, 1995               November 30, 1994
                                        Primary     Fully Diluted       Primary     Fully Diluted
                                        -------     -------------       -------     -------------
                                                                      
Weighted average number of common 
  shares issued at beginning of 
  period                             11,698,346        11,698,346    11,751,798        11,751,798

Weighted average number of common 
  shares issued pursuant to the 
  exercise of stock options               1,836             1,631            --                --

Weighted average number of common 
  shares issuable assuming full 
  conversion of 6% convertible 
  subordinated notes                         --         2,072,650            --         2,072,650	

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.                           178,013           176,010        19,518            19,518
                                        -------           -------        ------            ------
Weighted average number of common 
  and common equivalent shares 
  outstanding at end of period       11,628,193        13,698,635    11,521,314        13,593,964
                                     ==========        ==========    ==========        ==========
Earnings applicable for common 
  shares                             $6,232,213        $6,637,431    $3,664,522        $4,086,472

Earnings per common and common 
  equivalent shares                        $.54              $.48          $.32              $.30