EXHIBIT 11 COMPUTATION OF NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE For the six months ended February 28, 1997 and February 29, 1996 February February 1997 1996 -------- -------- PRIMARY EARNINGS PER SHARE: Shares* Average shares outstanding 17,090,832 15,584,157 Net average additional shares outstanding assuming dilutive stock options exercised and proceeds used to purchase treasury stock at average market price 731,651 149,783 ---------- ---------- Average number of common and common equivalent shares outstanding 17,822,483 15,733,940 ========== ========== Net Earnings Net earnings for primary $18,388,000 $9,592,000 earnings per share =========== ========== Primary Earnings Per Share* $1.03 $0.61 =========== ========== *Earnings per share and all share amounts have been adjusted to reflect the three-for-one split of the Common Stock to holders of record May 10, 1996.