EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(Dollars in thousands except per share earnings)
Year Ended June 30,
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1996 1995 1994
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DATA AS TO EARNINGS:
Income (loss) before
cumulative effect of a $ (5,001) $ (1,618) $ 3,992
change in accounting for
income taxes
Less: preferred stock
dividends (2,307) (2,080) (2,080)
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Income (loss) before
cumulative effect
applicable to common
and common equivalent shares $ (7,308) $ (3,698) $ 1,912
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Cumulative effect of a change
in accounting for income taxes $ --- $ --- $ 4,149
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DATA AS TO NUMBER OF COMMON
SHARES:
Weighted average shares
outstanding 15,039,391 14,977,248 14,906,896
Common equivalent shares
relating to contingent issuance --- 35,877 85,298
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Average number of common shares
and common share equivalents 15,039,391 15,013,125 14,992,194
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PRIMARY EARNINGS PER COMMON
SHARE:
Income (loss) before cumulative
effect of a change in accounting
for income taxes $ (.49) $ (.25) $ .13
Cumulative effect of a change in
accounting for income taxes --- --- .28
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Net Income (Loss) $ (.49) $ (.25) $ .41
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EARNINGS PER COMMON SHARE AND
COMMON SHARE EQUIVALENT
(Note 1, below):
Income (loss) before cumulative
effect of a change in accounting
for income taxes $ (.49) $ (.25) $ .13
Cumulative effect of a change in
accounting for income taxes --- --- .28
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Net Income (Loss) $ (.49) $ (.25) $ .41
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Note 1: Common share equivalents in the aggregate dilute the primary
earnings per common share by less than 3 percent.