EXHIBIT 11
Statement Re: Computation of Net Income per Share of Common Stock
Year ended June 30,
-------------------------------------------------------------
1996 1995 1994
-------------------------------------------------------------
Net income (loss) before cumulative effect
of accounting change $3,600,341 $(1,218,549) $ 2,364,170
Cumulative effect of change in accounting
for income taxes - - 1,695,000
---------- ----------- -----------
Net income (loss) $3,600,341 $(1,218,549) $ 4,059,170
---------- ----------- -----------
---------- ----------- -----------
Primary:
Weighted average number of shares
outstanding during the period 2,167,801 2,110,846 2,098,236
Dilutive impact of unexercised
common stock options 12,468 63,979 71,102
---------- ----------- -----------
Weighted average number of shares
outstanding for the period 2,180,269 2,174,825 2,169,338
---------- ----------- -----------
---------- ----------- -----------
Primary net income (loss) per share:
Impact (loss) before cumulative effect
of accounting change $ 1.65 $ (0.56) $ 1.09
Cumulative effect of change in
accounting for income taxes - - 0.78
---------- ----------- -----------
Net income (loss) $ 1.65 $ (0.56) $ 1.87
---------- ----------- -----------
---------- ----------- -----------
Fully diluted:
Weighted average number of shares
outstanding during the period 2,167,801 2,110,846 $ 2,098,236
Dilutive impact of unexercised
common stock options 12,532 63,979 73,663
---------- ----------- -----------
Weighted average number of shares
outstanding for the period 2,180,333 2,174,825 2,171,899
---------- ----------- -----------
---------- ----------- -----------
Primary net income (loss) per share:
Income (loss) before cumulative effect
of accounting change $ 1.65 $ (0.56) $ 1.09
Cumulative effect of change in
accounting for income taxes - - 0.78
---------- ----------- -----------
Net income (loss) $ 1.65 $ (0.56) $ 1.87
---------- ----------- -----------
---------- ----------- -----------