EXHIBIT 11
SCHEDULE OF COMPUTATION OF EARNINGS PER SHARE
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
JANUARY 31, JANUARY 30, JANUARY 29, JANUARY 28, FEBRUARY 1,
1993 1994 1995 1996 1997
----------- ----------- ----------- ----------- -----------
Weighted average common
shares outstanding..... 2,374,539 3,347,955 3,397,955 3,422,955 3,422,955
Dilutive effect of stock
options granted in
fiscal 1996 computed by
use of the treasury
stock method........... 76,111 76,111 76,111 76,111 76,111
Dilutive effect of stock
options and warrants
issued prior to fiscal
1996, computed by use
of the treasury stock
method................. 29,166 37,400 5,857 14,341 46,033
Dilutive effect of
option granted by
Company's Chairman,
computed by use of the
treasury stock method
(1).................... 127,274 180,001 202,599 241,899 --
--------- --------- --------- ---------- ----------
Dilutive effect of op-
tions and warrants..... 232,551 293,512 284,567 332,351 122,144
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Weighted average common
and common equivalent
shares outstanding..... 2,607,090 3,641,467 3,682,522 3,755,306 3,545,099
========= ========= ========= ========== ==========
Computation of earnings
per share
Net income /
Average common and
common equivalent
shares outstanding
Net income.............. $827,000 $839,000 $719,000 $1,304,000 $1,736,000
Earnings per share...... $ 0.32 $ 0.23 $ 0.20 $ 0.35 $ 0.49
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(1) Represents the dilutive effect of an option to purchase shares owned by
the Company's Chairman, granted by the Chairman to the Company's former
President.