EXHIBIT 11.1 COMPUTATION OF EARNINGS PER SHARE Three Months Ended Six Months Ended ----------------------- ----------------------- 11/30/95 11/30/94 11/30/95 11/30/94 ---------- ---------- ---------- ---------- INCOME FROM CONTINUING OPERATIONS $ 968,000 $ 160,000 $1,684,000 $ 256,000 ---------- ---------- ---------- ---------- NET INCOME $2,568,000 $ 750,000 $3,888,000 $ 893,000 ========== ========== ========== ========== Earnings Per Share - ------------------ Weighted average number of shares outstanding 4,125,928 4,215,815 4,191,050 4,215,214 Common share equivalents, assuming exercise of stock options and warrants 312,901 113,469 279,501 102,745 ---------- ---------- ---------- ---------- Average shares used in com- puting earnings per share 4,438,829 4,329,284 4,470,551 4,317,959 ========== ========== ========== ========== Net income per share from $ .22 $ .04 $ .38 $ .06 continuing operations ---------- ---------- ---------- ---------- Net income per share $ .58 $ .17 $ .87 $ .21 ========== ========== ========== ========== Earnings Per Share-Assuming Full Dilution - ----------------------------------------- Weighted average number of shares outstanding 4,125,928 4,215,815 4,191,050 4,215,214 Common share equivalents, assuming exercise of stock options 312,901 113,469 300,900 102,745 ---------- ---------- ---------- ---------- Average shares used in com- puting earnings per share 4,438,829 4,329,284 4,491,950 4,317,959 Income from continuing operations per share $ .22 $ .04 $ .38 $ .06 ========== ========== ========== ========== Net income per share $ .58 $ .17 $ .87 $ .21 ========== ========== ========== ========== 16