Exhibit 11
Statement Re: Computation of Earnings per Share
Primary Earnings Per Share
Year Ended October 31,
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1997 1996 1995
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Weighted average shares outstanding 2,020,510 2,020,156 1,977,571
Net effect of dilutive stock options and warrants - based on
the treasury stock method using average market price 38,743 11,282 60,901
------------ ------------ ------------
2,059,253 2,031,438 2,038,472
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Net income $ 1,380,828 $ 1,014,794 $ 749,486
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Net income per share $ 0.67 $ 0.50 $ 0.37
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Fully Diluted Earnings per Share
Year Ended October 31,
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1997 1996 1995
---- ---- ----
Weighted average shares outstanding 2,020,510 2,020,156 1,977,571
Net effect of dilutive stock options and warrants - based on
the treasury stock method using the higher of period-end 56,800 14,073 81,247
market price or average market price ------------ ------------ ------------
2,077,310 2,034,229 2,058,818
============ ============ ============
Net income $ 1,380,828 $ 1,014,794 $ 749,486
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Net income per share $ 0.66 $ 0.50 $ 0.36
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