PART II - OTHER INFORMATION
Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
Years Ended June 30
----------------------------------------
1994 1995 1996
---- ---- ----
PRIMARY EARNINGS PER SHARE:
Net income $4,053,000 $14,651,000 $19,124,000
---------- ----------- -----------
---------- ----------- -----------
Weighted average number of common
shares outstanding during the period 15,383,000 16,716,000 17,467,000
Common equivalent shares 208,000 323,000 534,000
---------- ----------- -----------
Total common and common
equivalent shares outstanding 15,591,000 17,039,000 18,001,000
---------- ----------- -----------
---------- ----------- -----------
Net income per common and
common equivalent share, primary $.26 $.86 $1.06
---------- ----------- -----------
---------- ----------- -----------
FULLY DILUTED EARNINGS PER SHARE:
Net income $4,053,000 $14,651,000 $19,124,000
Net income adjustment -
interest on convertible debt 125,000 121,000 54,000
---------- ----------- -----------
Adjusted net income $4,178,000 $14,772,000 $19,178,000
---------- ----------- -----------
---------- ----------- -----------
Weighted average number of common
shares outstanding during the period 15,383,000 16,716,000 17,467,000
Common equivalent shares assuming
full dilution 783,000 932,000 824,000
---------- ----------- -----------
Total common and common equivalent
shares assuming full dilution 16,166,000 17,648,000 18,291,000
---------- ----------- -----------
---------- ----------- -----------
Net income per common and
common equivalent share, fully diluted $.26 $.84 $1.05
---------- ----------- -----------
---------- ----------- -----------
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 shares outstanding during each period. In 1994 and 1995,
convertible debt is the principal reason for common equivalent shares for the
fully diluted earnings per share computation. In 1996, incentive stock
options are the primary reason for common equivalent shares for the fully
diluted earnings per share computation.
32