Exhibit (11) - Statement Re: Computation of Earnings per Unit 14 Nine Months Ended Three Months Ended March 31, March 31, ------------------------- ------------------------ 1996 1995 1996 1995 ----------- ----------- ----------- ---------- Average units outstanding 5,806,757 6,399,722 5,641,278 6,399,722 Net effect of dilutive stock options based on the treasury stock method using average market price 163,639 0 163,639 0 ----------- ----------- ----------- ---------- Average units outstanding 5,970,396 6,399,722 5,804,917 6,399,722 Units equivalent to 1% General Partnership interest of BCLP 60,307 64,644 58,636 64,644 ----------- ----------- ----------- ---------- Average units outstanding 6,030,703 6,464,366 5,863,553 6,464,366 =========== =========== =========== ========== Income (Loss) from continuing operations: Income (Loss) before interests of General Partners $16,553,922 $ (269,773) $10,913,284 $3,800,843 Applicable to interests of: General Partners of subsidiary partnerships 177,565 14,655 128,869 40,695 1% General Partnership interest of BCLP 163,764 (2,844) 107,845 37,602 ----------- ----------- ----------- ---------- 341,329 11,811 236,714 78,297 ----------- ----------- ----------- ---------- Applicable to interests of Limited Partners 16,212,593 $ (281,584) 10,676,570 $3,722,546 =========== =========== =========== ========== Per Limited Partnership Unit $ 2.72 $ (0.04) $ 1.84 $ 0.58 =========== =========== =========== ========== Net Income (Loss) Net Income (Loss) before interests of General Partners 54,967,635 8,553,888 10,913,284 6,018,359 Applicable to interests of: General Partners of subsidiary partnerships 740,474 288,314 128,869 116,003 1% General Partnership interest of BCLP 542,272 82,656 107,845 59,024 ----------- ----------- ----------- ---------- 1,282,746 370,970 236,714 175,027 ----------- ----------- ----------- ---------- Applicable to interests of Limited Partners $53,684,889 $ 8,182,918 $10,676,570 $5,843,332 =========== =========== =========== ========== Per Limited Partnership Unit $ 8.99 $ 1.28 $ 1.84 $ 0.91 =========== =========== =========== ========== 15