Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
For the three and nine months ended December 31, 1996 and 1995
(Unaudited)
Three Months Ended Nine Months Ended
December 31 December 31,
1996 1995 1996 1995
Primary Earnings per Share
Net income applicable to common stock $ 417,168 $ 476,278 $ 244,056 $1,320,287
Weighted average number of common shares ========== ========== ========== ==========
outstanding 819,979 849,893 819,459 855,363
Common shares issuable under employee stock
option plan 61,317 51,139 61,317 51,139
Less shares assumed repurchased with proceeds (27,453) (28,952) (27,453) (28,952)
---------- ---------- ---------- ----------
Weighted average common shares and common
share equivalents outstanding 853,843 872,080 853,324 877,550
========== ========== ========== ==========
Primary earnings per common share $ 0.49 $ 0.55 $ 0.29 $ 1.50
========== ========== ========== ==========
Fully Diluted Earnings Per Share
Net income applicable to common stock $ 417,168 $ 476,278 $ 244,056 $1,320,287
Interest on convertible subordinated debentures,
net of tax 172,991 45,509 518,972 45,509
---------- ---------- ---------- ----------
Net income adjusted $ 590,159 $ 521,787 $ 763,028 $1,365,796
========== ========== ========== ==========
Weighted average common share and common
share equivalents outstanding 853,843 872,080 853,324 877,550
Weighted average common shares issuable with
the conversion of debentures to common stock 560,182 152,223 560,182 50,926
---------- ---------- ---------- ----------
Weighted average common shares and common share
equivalents 1,414,025 1,024,303 1,413,506 928,476
========== ========== ========== ==========
Fully diluted earnings per common share $ 0.42 $ 0.51 $ 0.54 $ 1.47
========== ========== ========== ==========
Fully diluted earnings per share are not disclosed on the statement of
operations as they are anti-dilutive for the nine months ended December 31, 1996