EXHIBIT 11.1
                         STATEMENT RE:  COMPUTATION OF EARNINGS PER SHARE



                                              THREE MONTHS ENDED APRIL 30,

                                                  1996                   1995
                                                                   

Weighted average shares outstanding                  2,020,156              1,977,766

Net effect of dilutive stock options - 
based on the treasury stock method 
using average market price                              11,695                 84,775

                                                     2,031,851              2,062,541

Net income                                          $  281,500             $  217,639

Net income per share                                $     0.14             $     0.11