1 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