EXHIBIT 11 ---------- COMPUTATION OF NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE For the nine months ended May 31, 1997 and 1996 May May 1997 1996 --------- --------- PRIMARY EARNINGS PER SHARE: Shares* ------- Average shares outstanding 17,111,137 16,020,515 Net average additional shares outstanding assuming dilutive stock options exercised and proceeds used to purchase treasury stock at average market price 740,682 161,661 ---------- ---------- Average number of common and common equivalent shares outstanding 17,851,819 16,182,176 =========== ========== Net Earnings ------------ Net earnings for primary earnings $31,460,000 $18,172,000 per share =========== =========== Primary Earnings Per Share* $1.76 $1.12 =========== ============ *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.