EXHIBIT 11 COMPUTATION OF NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE For the three months ended February 28, 1997 and February 29, 1996 February February 1997 1996 -------- -------- PRIMARY EARNINGS PER SHARE: Shares* Average shares outstanding 17,108,178 15,599,996 Net average additional shares outstanding assuming dilutive stock options exercised and proceeds used to purchase treasury stock at average market price 757,196 159,039 ---------- --------- Average number of common and common equivalent shares outstanding 17,865,374 15,759,035 ========== ========== Net Earnings Net earnings for primary $16,323,000 $9,688,000 earnings per share =========== ========== Primary Earnings Per Share* $0.91 $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.