PART II - OTHER INFORMATION
Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
Years Ended June 30
----------------------------------------
1997 1996 1995
---- ---- ----
PRIMARY EARNINGS PER SHARE:
Net income $6,574,000 $9,451,000 $11,590,000
---------- ---------- -----------
---------- ---------- -----------
Weighted average number of common
shares outstanding during the period 22,619,000 21,940,000 21,235,000
Common equivalent shares 596,000 547,000 267,000
---------- ---------- -----------
Total common and common
equivalent shares outstanding 23,215,000 22,487,000 21,502,000
---------- ---------- -----------
---------- ---------- -----------
Net income per common and
common equivalent share, primary $.28 $.42 $ .54
------ ------ -----
------ ------ -----
FULLY DILUTED EARNINGS PER SHARE:
Net income $6,574,000 $ 9,451,000 $11,590,000
Net income adjustment -
interest on convertible debt 54,000 121,000
---------- ---------- -----------
Adjusted net income $6,574,000 $ 9,505,000 $11,711,000
---------- ---------- -----------
---------- ---------- -----------
Weighted average number of common
shares outstanding during the period 22,619,000 21,940,000 21,235,000
Common equivalent shares assuming
full dilution 636,000 851,000 876,000
---------- ---------- -----------
Total common and common equivalent
shares assuming full dilution 23,255,000 22,791,000 22,111,000
---------- ---------- -----------
---------- ---------- -----------
Net income per common and
common equivalent share, fully diluted $.28 $.42 $ .53
------ ------ -----
------ ------ -----
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. Convertible debt, converted in 1996, is
included as common equivalent shares for the fully diluted earnings per share
computation in 1995. In 1996 and 1997, incentive stock options are the primary
reason for common equivalent shares for the fully diluted earnings per share
computation.