Exhibit 11
COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
Three Months Ended March 31, Nine Months Ended March 31,
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1995 1996 1995 1996
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PRIMARY EARNINGS PER SHARE:
Net income $ 3,216,000 $ 4,409,000 $10,382,000 $13,761,000
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Weighted average number of common
shares outstanding during the period 11,241,841 11,811,336 11,098,023 11,559,458
Common equivalent shares 213,094 358,927 213,026 315,709
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Total common and common
equivalent shares outstanding 11,454,935 12,170,263 11,311,049 11,875,167
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Net income per common and
common equivalent share, primary $ 0.28 $ 0.36 $ 0.92 $ 1.16
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FULLY DILUTED EARNINGS PER SHARE:
Net income $ 3,216,000 $4,409,000 $10,382,000 $13,761,000
Net income adjustment -
interest on convertible debt, net of
tax benefit 30,000 7,000 91,000 54,000
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Adjusted net income $ 3,246,000 $ 4,416,000 $10,473,000 $13,815,000
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Weighted average number of common
shares outstanding during the period 11,241,841 11,811,336 11,098,023 11,559,458
Common equivalent shares assuming
full dilution 620,865 454,317 617,638 555,787
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Total common and common equivalent
shares assuming full dilution 11,862,706 12,265,653 11,715,661 12,115,245
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Net income per common and
common equivalent share, fully diluted $ 0.27 $ 0.36 $ 0.89 $ 1.14
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Net income per common share as shown on the Company's Consolidated Statement of
Operations is computed by dividing net income by the weighted average number of
common and common equivalent shares outstanding during each period. Common
equivalent shares relate primarily to stock options. Convertible debt is the
principal reason for increased common equivalent shares for the fully diluted
earnings per share computation.