EXHIBIT 11.1                                                    
							       



			       COMPUTATION OF EARNINGS PER SHARE                   
							


							
										Year Ended June 30,           
							     ------------------------------------------  
							      1995          1994           1993
- ---------------------------------------------------------------------------
DATA AS TO EARNINGS:                                                    
Income (loss) before 
cumulative effect of a           $   (846,856)  $ 4,298,116    $ 9,160,048 
change in accounting for 
income taxes                                           

Less: preferred stock 
dividends                          (2,080,380)   (2,080,380)    (2,080,380)
- ----------------------------------------------------------------------------
Income (loss) before 
cumulative effect                                                  
applicable to common 
and common equivalent shares     $ (2,927,236)  $ 2,217,73     $ 7,079,668 
- ----------------------------------------------------------------------------
Cumulative effect of a change 
in accounting for income taxes   $        ---   $4,149,000     $       ---
- ----------------------------------------------------------------------------
DATA AS TO NUMBER OF COMMON 
SHARES:                                          

Weighted average shares 
outstanding                        12,538,537   12,468,184      12,417,536 

Common equivalent shares 
relating to contingent issuance        35,877       85,298          98,108 
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Average number of common shares                                                 
and common share equivalents       12,574,414   12,553,482      12,515,644 
============================================================================
PRIMARY EARNINGS PER COMMON 
SHARE:                                           

Income (loss) before cumulative 
effect of a change in accounting 
for income taxes                     $   (.23)      $  .18         $   .57 

Cumulative effect of a change in                                           
accounting for income taxes               ---          .33             ---
- ----------------------------------------------------------------------------
Net Income (Loss)                    $   (.23)      $  .51         $   .57 
============================================================================
EARNINGS PER COMMON SHARE AND                                                   
COMMON SHARE EQUIVALENT                                         
(Note 1, below):                                              

Income (loss) before cumulative 
effect of a change in accounting 
for income taxes                     $   (.23)     $   .18         $   .57 

Cumulative effect of a change in                                               
accounting for income taxes               ---          .33             ---
- ----------------------------------------------------------------------------
Net Income (Loss)                    $   (.23)     $   .51         $   .57 
============================================================================

Note 1:  Common share equivalents in the aggregate dilute the primary 
	 earnings per common share by less than 3 percent.