VAUGHN COMMUNICATIONS, INC.
COMPUTATION OF EARNINGS PER SHARE
Six Months Ended Three Months Ended
July 31 July 31
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1996 1995 1996 1995
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PRIMARY:
Average shares outstanding 3,569,504 3,179,944 3,598,718 3,234,144
Net effect of dilutive stock options
based on the treasury stock method
using average market price 348,536 462,475 339,292 439,267
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TOTAL $3,918,040 $3,642,419 $3,938,010 $3,673,411
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Net Income $1,307,233 $ 879,163 $ 671,110 $ 520,239
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Net Income per Share $ .33 $ .24 $ .17 $ .14
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FULLY DILUTED:
Average shares outstanding 3,569,504 3,179,884 3,598,718 3,234,144
Net effect of dilutive stock options
based on the treasury stock method
using the quarter-end market price
if higher than average market price 353,865 505,408 340,035 486,985
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TOTAL 3,923,369 3,685,292 3,938,753 3,721,129
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Net Income $1,307,233 $ 879,163 $ 671,110 $ 520,239
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Net Income per Share $ .33 $ .24 $ .17 $ .14
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EXHIBIT 11
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