VAUGHN COMMUNICATIONS, INC.
COMPUTATION OF EARNINGS PER SHARE
Six Months Ended Three Months Ended
July 31 July 31
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1997 1996 1997 1996
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PRIMARY:
Average shares outstanding 3,746,565 3,569,504 3,807,034 3,598,718
Net effect of dilutive stock options
based on the treasury stock method
using average market price 133,113 348,536 130,303 339,292
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TOTAL 3,879,678 3,918,040 3,937,337 3,938,010
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Net Income $ 1,345,218 $ 1,307,233 $ 625,685 $ 671,110
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Net Income per Share $ .35 $ .33 $ .16 $ .17
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FULLY DILUTED:
Average shares outstanding 3,746,565 3,569,504 3,807,034 3,598,718
Net effect of dilutive stock options
based on the treasury stock method
using the quarter-end market price
if higher than average market price 142,612 353,865 132,194 340,035
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TOTAL 3,889,177 3,923,369 3,939,228 3,938,753
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Net Income $ 1,345,218 $ 1,307,233 $ 625,685 $ 671,110
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Net Income per Share $ .35 $ .33 $ .16 $ .17
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EXHIBIT 11
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