EXHIBIT 11 Statement of Computation of Earnings Per Share of Beneficial Interest for the Twelve Months Ended July 31, 1997 (000's omitted except for per share amounts) Fully Primary EPS Diluted EPS ----------- ----------- 1. Proceeds Upon Exercise of Options $51,021 $51,021 2. Market Price of Shares: Closing $ 21.75 Average $22.688 3. Treasury Shares that Could be Repurchased 2,249 2,346 4. Option Shares Outstanding 2,513 2,513 5. Common Stock Equivalents 264 167 6. Average Number of Shares Outstanding 58,461 58,461 7. Total of Common and Common Equivalent Shares 58,725 58,628 8. Net Income for the Period After Preferred Dividend Requirements 76,576 76,576 9. Earnings Per Share of Beneficial Interest 1.30 1.31 10. Reported Earnings Per Share of Beneficial Interest $ 1.31 N/A