1
EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(In Thousands, Except Per Share Data)
Three-Months Ended Nine-Months Ended
April 30, April 30,
1995 1994 1995 1994
---- ---- ------ ------
(Unaudited)
EARNINGS
Income before cumulative effect of change
in accounting for income taxes . . . . . . . . . . . . . . $778 $640 $1,775 $1,275
Cumulative effect to August 1, 1993, of change
in accounting for income taxes . . . . . . . . . . . . . . --- --- --- 603
---- ---- ------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $778 $640 $1,775 $1,878
==== ==== ====== ======
- - ------------------------------------------------------------------------------------------------------------------------
SHARES
Weighted average number of common shares outstanding
during the year . . . . . . . . . . . . . . . . . . . . . 6,017 5,992 6,013 6,204
Add: shares of common stock equivalents . . . . . . . . . . 111 48 84 30
----- ----- ------ ------
Weighted average number of common shares used in
primary earnings per share calculation . . . . . . . . . . 6,128 6,040 6,097 6,234
Add: incremental shares of common stock equivalents . . . . --- --- 19 6
----- ----- ------ ------
Weighted average number of common shares used in fully
diluted earnings per share calculation . . . . . . . . . . 6,128 6,040 6,116 6,240
===== ===== ===== =====
- - ------------------------------------------------------------------------------------------------------------------------
PRIMARY EARNINGS PER SHARE
Income before cumulative effect of change
in accounting for income taxes . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.20
Cumulative effect to August 1, 1993, of change
in accounting for income taxes . . . . . . . . . . . . . . --- --- --- 0.10
----- ----- ------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.30
===== ===== ===== =====
- - ------------------------------------------------------------------------------------------------------------------------
FULLY DILUTED EARINGS PER SHARE
Income before cumulative effect of change
in accounting for income taxes . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.20
Cumulative effect to August 1, 1993, of change
in accounting for income taxes . . . . . . . . . . . . . . --- --- --- 0.10
----- ----- ------ ------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . $0.13 $0.11 $0.29 $0.30
===== ===== ===== =====
- - ------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
12