EXHIBIT 11 ----------- COMPUTATION OF NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE For the three months ended May 31, 1997 and 1996 May May 1997 1996 ---------- ---------- PRIMARY EARNINGS PER SHARE: Shares* Average shares outstanding 17,154,100 16,690,225 Net average additional shares outstanding assuming dilutive stock options exercised and proceeds used to purchase treasury stock at average market price 767,452 189,626 ----------- --------- Average number of common and common equivalent shares outstanding 17,921,552 16,879,851 =========== ========== Net Earnings Net earnings for primary earnings per $13,072,000 $8,581,000 share =========== ========== Primary Earnings Per Share* $0.73 $0.51 =========== ========== *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.