EXHIBIT 11
HICKOK INCORPORATED
STATEMENT RE: COMPUTATION OF PER COMMON SHARE EARNINGS
Three Months Ended Six Months Ended
March 31 March 31
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1995 1994 1995 1994
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PRIMARY
Average shares outstanding 1,196,621 1,191,210 1,196,512 1,191,210
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price 27,528 22,646 27,048 22,158
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Total Shares 1,224,149 1,214,856 1,223,560 1,213,368
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Net Income $ 707,801 $ 192,417 $ 874,127 $ 410,768
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Per Share $ 0.58 $ 0.16 $ 0.71 $ 0.34
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FULLY DILUTED
Average shares outstanding 1,196,621 1,191,210 1,196,512 1,191,210
Net effect of dilutive
stock options - based
on the treasury stock
method using year-end
market price, if
higher than average
market price 27,528* 23,646* 27,340 22,804
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Total Shares 1,224,149 1,214,856 1,223,852 1,214,014
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Net Income $ 707,801 $ 192,417 $ 874,127 $ 410,768
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Per Share $ 0.58 $ 0.16 $ 0.71 $ 0.34
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<FN>
*Period-end market price is less than average market price, use same as primary
shares.