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Exhibit (11) - Statement Re: Computation of Earnings per Unit
For The Year Ended June 30,
------------------------------------------------
1996 1995 1994
------------ ------------ -------------
Average units outstanding (1) 5,766,897 6,399,722 6,399,722
Net effect of dilutive stock options based
on the treasury stock method using average
market price 183,782 0 0
-----------------------------------------------
Average units and equivalent units outstanding 5,950,679 6,399,722 6,399,722
===============================================
Income from continuing operations:
Income before interests of General Partners $ 15,786,816 $ 5,517,331 $ 7,336,593
Applicable to interests of:
General Partners of subsidiary partnerships 193,665 67,187 140,641
1% General Partnership interest of BCLP 155,932 54,498 71,960
-----------------------------------------------
349,597 121,685 212,601
-----------------------------------------------
Applicable to interests of Limited Partners 15,437,219 $ 5,395,646 7,123,992
===============================================
Per Limited Partnership Unit $ 2.59 $ 0.84 $ 1.11
===============================================
Net Income (Loss)
Net Income (Loss) before interests of General
Partners 54,200,529 16,156,006 23,766,233
Applicable to interests of:
General Partners of subsidiary partnerships 756,574 453,796 406,748
1% General Partnership interest of BCLP 534,440 157,019 233,595
-----------------------------------------------
1,291,014 610,815 640,343
-----------------------------------------------
Applicable to interests of Limited Partners $ 52,909,515 $ 15,545,191 $ 23,125,890
===============================================
Per Limited Partnership Unit $ 8.89 $ 2.43 $ 3.61
===============================================
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<FN>
<F1> (1) Computation of Average Units Outstanding
For The Year Ended June 30,
----------------------------------------
1996 1995 1994
--------- --------- ---------
Days in year 366 365 365
Computation of average units outstanding:
Units outstanding July 1 - August 29 6,399,722 6,399,722 6,399,722
Units outstanding August 30 - June 28 5,641,278 6,399,722 6,399,722
Units outstanding June 29 - June 30 5,876,174 6,399,722 6,399,722
---------------------------------------
Average units outstanding 5,766,897 6,399,722 6,399,722
=======================================
</FN>
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