EXHIBIT 11.1 STATEMENT RE COMPUTATION OF EARNINGS PER SHARE (amounts in thousands except per share data) Year Ending May 31, 1996 1995 - ------------------- ------ ------ Net income from continuing operations $4,778 $ 705 ------ ------ Net income $6,982 $3,002 ====== ====== Weighted average number of common shares outstanding 4,133 4,218 Common share equivalents assuming exercise of stock options and warrants 260 122 ------ ------ Average shares used in computing earnings per share 4,393 4,340 Net income per share from continuing operations $ 1.09 $ 0.16 Net income per share from discontinued operations 0.50 0.53 ------ ------ Total earnings per share $ 1.59 $ 0.69 ====== ======