Exhibit 11
Computation of Earnings per Share
($000 except per share data)
Three months ended Six months ended
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June 29, July 1, June 29, July 1,
1996 1995 1996 1995
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PRIMARY:
Wtd avg common shares outstanding 2,626 2,621 2,626 2,613
Common equivalent shares 41 10 29 3
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Wtd avg common shares and common
equivalent shares outstanding 2,667 2,631 2,655 2,616
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Net income applicable to
common shares $ 482 292 $ 1,262 714
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Primary earnings per share $ 0.18 0.11 $ 0.48 0.27
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FULLY DILUTED:
Wtd avg common shares outstanding 2,626 2,621 2,626 2,613
Common equivalent shares 45 11 45 11
Additional shares assuming conversion
of subordinated debentures 717 717 717 717
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Fully diluted wtd avg common
shares and common equivalent
shares outstanding 3,388 3,349 3,388 3,341
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Net income for diluted common shares $ 572 382 $ 1,442 894
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Fully diluted earnings per share $ 0.17 0.11 $ 0.43 0.27
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Common shares have been adjusted to give effect to the 5% stock dividend
paid January 26, 1996.
The $4,500,0000 8% Convertible Subordinated Notes are convertible to
common shares at a price of $6.28 per share after giving effect to the
stock dividend paid January 26, 1996.
Earnings per common share and common equivalent share were computed by
dividing the net income by the weighted average number of shares of common
stock and common stock equivalents outstanding during the period.
Earnings per common share, assuming full dilution, is determined by
assuming that at the beginning of the period convertible notes were
converted at the price per share in effect at that time and common share
options were exercised. As to the options, incremental shares would be
calculated using the treasury stock method, assuming common share
purchases at the greater of the average market price of the common shares
for the period or the ending price of the common shares.