FORM 10-Q
EXHIBIT 11
HICKOK INCORPORATED
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended
June 30, June 30,
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1997 1996 1997 1996
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PRIMARY
Average shares outstanding 1,193,850 1,192,850 1,193,238 1,192,850
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price 18,858 20,276 19,407 27,102
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Total Shares 1,212,708 1,213,126 1,212,645 1,219,952
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Net Income (Loss) $(236,290) $ 122,468 $ (503,000) $ 795,654
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Per Share $ (.19) $ .10 $ (.41) $ .65
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FULLY DILUTED
Average shares outstanding 1,193,850 1,192,850 1,193,238 1,192,850
Net effect of dilutive
stock options - based
on the treasury stock
method using period-end
market price, if
higher than average
market price 18,858* 20,276* 19,407* 27,102
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Total Shares 1,212,708 1,213,126 1,212,645 1,219,952
---------- --------- ----------- ----------
Net Income (Loss) $(236,290) $ 122,468 $ (503,000) $ 795,654
---------- --------- ----------- ----------
Per Share $ (.19) $ 0.10 $ (.41) $ .65
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*Period-end market price is less than average market price, use same as primary
shares.
(14)