Exhibit 11
Computation of Earnings per Share
($000 except per share data)
Three months ended Six months ended
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June 28, June 29, June 28, June 29,
1997 1996 1997 1996
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PRIMARY:
Weighted average common shares
outstanding 2,760 2,757 2,760 2,757
Common equivalent shares 100 43 78 31
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Weighted average common shares and
common equivalent shares
outstanding 2,860 2,800 2,838 2,788
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Net income from continuing
operations $ 339 $ 462 $ 690 $1,166
Earnings from discontinued
operations 5,690 20 5,609 96
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Net income applicable to common
shares $6,029 $ 482 $6,299 $1,262
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Earnings per share from continuing
operations - primary $ 0.12 $0.16 $ 0.24 $ 0.42
Earnings per share from
discontinued operations - primary 1.99 0.01 1.98 0.03
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Earnings per share - primary $ 2.11 $0.17 $ 2.22 $ 0.45
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FULLY DILUTED:
Weighted average common shares
outstanding 2,760 2,757 2,760 2,757
Common equivalent shares 144 47 121 47
Additional shares assuming
conversion of subordinated
debentures 0 753 0 753
Fully diluted weighted average
common shares and common
equivalent shares outstanding 2,904 3,557 2,881 3,557
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Net income from continuing
operations $ 339 $ 552 $ 690 $1,346
Earnings from discontinued
operations 5,690 20 5,609 96
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Net income applicable to common
shares $6,029 $ 572 $6,299 $1,442
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Earnings per share from continuing
operations - fully diluted $ 0.12 $0.15 $ 0.24 $ 0.38
Earnings per share from
discontinued operations - fully
diluted 1.99 0.01 1.98 0.03
Earnings per share - fully diluted $ 2.11 $0.16 $ 2.22 $ 0.41
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Common shares have been adjusted to give effect to the 5% stock dividend
paid January 24, 1997.
The $4,500,000 8% Convertible Subordinated Notes at June 29, 1996 are
convertible to common shares at a price of $5.98 per share after giving
effect to the stock dividend paid January 24, 1997. The Notes were repaid
on May 29, 1997 and options were issued concurrently to the holder of the
Notes.
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.