FORM 10-Q
EXHIBIT 11
HICKOK INCORPORATED
STATEMENT RE: COMPUTATION OF PER COMMON SHARE EARNINGS
Three Months Ended
December 31
------------------------
1995 1994
--------- ---------
PRIMARY
Average shares outstanding 1,192,850 1,196,410
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price 29,681 26,704
--------- ---------
Total Shares 1,222,531 1,223,114
--------- ---------
Net Income $ 301,764 $ 166,326
--------- ---------
Per Share $ 0.25 $ 0.14
--------- ---------
--------- ---------
FULLY DILUTED
Average shares outstanding 1,192,850 1,196,410
Net effect of dilutive
stock options - based
on the treasury stock
method using period-end
market price, if
higher than average
market price 29,681* 27,636
--------- ---------
Total Shares 1,222,531 1,224,046
--------- ---------
Net Income $ 301,764 $ 166,326
--------- ---------
--------- ---------
Per Share $ 0.25 $ 0.14
--------- ---------
--------- ---------
*Period-end market price is less than average market price, use same as primary
shares.
(13)