Exhibit 11.1
Statement re: Computation of Fee Share Earnings
Earnings per share data is calculated as follows:
Basic earnings per share for the year ended June 30,
1998
Net income available to common stockholders 4,406,912
=========
Shares Fraction of Weighted
Dates outstanding outstanding period average
shares
July 1, 1997 5,359,615 100.00 5,359,615
July 1, 1997 to June 30, 1998
Additional purchase price payments 290,394 14.77 42,884
Acquisition of subsidiaries 238,848 45.73 109,220
Warrants converted to shares during the year 233,826 83.20 194,549
Options converted to shares during the year 35,000 38.90 13,616
Warrants swapped into shares during the year 1,173,476 59.45 697,608
Debentures converted into shares during the year 141,165 5.31 7,489
----------
Weighted average shares 7,472,324 6,424,981
========= =========
Basic earnings per share for the year ended June 30,
1997
Net income available to common stockholders 6,683,165
=========
Shares Fraction of Weighted
Dates outstanding outstanding period average
shares
July 1, 1996 4,475,079 100.00 4,475,079
July 1, 1996 to June 30, 1997
Acquisition of subsidiaries 702,006 70.75 496,653
Additional purchase price payments 157,895 25.00 39,474
Warrants not exercised at year end 124,544 100.00 124,544
Warrants converted to shares during the year 24,635 16.67 4,106
---------- ---------
Weighted average shares 5,484,159 5,139,856
========= =========
Diluted earnings per share for the year ended June 30,
1998
Net income available to common stockholders 4,406,912
Add impact of assumed conversions 1,646,170
---------
Adjusted net income available to common 6,053,082
=========
stockholders
Weighted average shares 6,424,986
Warrants and options not yet exercised 502,279
9% convertible debentures 1,659,178
Increasing rate debentures 1,046,865
----------
Adjusted weighted average shares 9,633,303
=========
Diluted earnings per share for the year ended June 30,
1997
Net income available to common stockholders 6,683,165
Add impact of assumed conversions 124,761
----------
Adjusted net income available to common
stockholders 6,807,926
=========
Weighted average shares 5,139,856
Warrants and options not yet exercised 176,518
9% convertible debentures 278,539
---------
Adjusted weighted average shares 5,594,913