Exhibit 11
Computation of Earnings per Share
($000 except per share data)
Three months ended Nine months ended
--------------------- -------------------
Sept. 28, Sept. 30, Sept. 28 Sept. 30
1996 1995 1996 1995
---------------------- -------------------
PRIMARY:
Wtd avg common shares
outstanding 2,626 2,626 2,626 2,618
Common equivalent shares 52 9 37 3
----------------------- -------------------
Wtd avg common shares
and common equivalent
shares outstanding 2,678 2,635 2,663 2,621
======================= ===================
Net income applicable
to common shares $ 202 (382) $ 1,464 332
======================= ===================
Primary earnings
per share $ 0.08 (0.14) $ 0.55 0.13
======================= ===================
FULLY DILUTED:
Wtd avg common shares
outstanding 2,626 2,621 2,626 2,613
Common equivalent
shares 52 11 42 11
Additional shares
assuming conversion
of subordinated
debentures 537 717 537 717
---------------------- -------------------
Fully diluted wtd avg
common shares and
common equivalent
shares outstanding 3,215 3,349 3,205 3,341
======================= ===================
Net income for diluted
common shares $ 285 (292) $ 1,726 602
======================= ===================
Fully diluted earnings
per share $ 0.08 (0.14) $ 0.54 0.13
======================= ===================
----------------------------
Common shares have been adjusted to give effect to the 5% stock dividend
paid January 26, 1996.
The 8% Convertible Subordinated Notes of $3,375,000 at September 28, 1996
and $4,500,000 at September 30, 1995, 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.