EXHIBIT 11
SCHEDULE OF COMPUTATION OF EARNINGS (LOSS) PER SHARE
THREE THREE
YEAR YEAR YEAR YEAR YEAR MONTHS MONTHS
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JANUARY 31, JANUARY 30, JANUARY 29, JANUARY 28, FEBRUARY 1, MAY 4, MAY 3,
1993 1994 1995 1996 1997 1996 1997
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Weighted average common
shares outstanding........ 2,374,539 3,347,955 3,397,955 3,422,955 3,422,955 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 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 55,033 43,033
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 -- -- --
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Dilutive effect of options
and warrants.............. 232,551 293,512 284,567 332,351 122,144 131,144 119,144
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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 3,554,099 3,542,099
========= ========= ========= ========== ========== ========= =========
Computation of earnings per
share Net income / Average
common and common
equivalent shares
outstanding
Net income (loss).......... $827,000 $839,000 $719,000 $1,304,000 $1,736,000 (575,000) (867,000)
Earnings (loss) per share.. $ 0.32 $ 0.23 $ 0.20 $ 0.35 $ 0.49 (0.16) (0.24)
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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.