EXHIBIT 11.1 COMPUTATION OF EARNINGS PER SHARE ASSUMING FULL DILUTION (Dollars in thousands except per share earnings) Year Ended June 30, -------------------------------------- 1995 1994 1993 - ---------------------------------------------------------------------------- DATA AS TO EARNINGS: Income (loss) before cumulative effect of a change in accounting for income taxes $ (5,001) $ (1,618) $ 3,992 - ---------------------------------------------------------------------------- Cumulative effect of a change in accounting for income taxes $ --- $ --- $ 4,149 - ---------------------------------------------------------------------------- DATA AS TO NUMBER OF COMMON SHARES: Average number of common shares and common share equivalents (Exhibit 11) 15,039,391 15,013,125 14,992,194 Additional shares assuming full dilution 6,570,078 5,005,490 5,005,128 - ---------------------------------------------------------------------------- Average number of common shares assuming full dilution 21,609,469 20,018,615 19,997,322 - ---------------------------------------------------------------------------- EARNINGS PER COMMON SHARE ASSUMING FULL DILUTION (1996 and 1995 - ANTIDILUTIVE): Income (loss) before cumulative effect of a change in accounting for income taxes $ (.23) $ .08 $ .20 Cumulative effect of a change in accounting for income taxes --- --- .21 - ---------------------------------------------------------------------------- Net Income (Loss) $ (.23) $ .08 $ .41 ============================================================================