EXHIBIT 11
Exhibit 11 - Statement RE: Computation of Earnings Per Share
Three Months Ended September 30, Six Months Ended September 30,
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1996 1995 1996 1995
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Primary EPS
Average shares outstanding 2,698,873 2,140,174 2,685,757 2,064,732
Net effect of dilutive stock options: based
on the treasury stock method using the
average market price 71,797 77,073 83,512 73,705
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Totals 2,770,670 2,217,247 2,769,269 2,138,437
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Net income (loss) $ (84,935) $ 1,338,156 $ 1,104,898 $ 2,548,785
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Earnings (loss) per share assuming no
dilution $ (0.03) $ 0.60 $ 0.40 $ 1.19
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Fully Diluted EPS
Average shares outstanding 2,698,873 2,140,174 2,685,757 2,064,732
Net effect of dilutive stock options: based
on the treasury stock method using the
greater of the quarter-end market price or 71,797 83,845 91,186 82,821
the average market price
Assumed conversion of 7.00% convertible
subordinated debentures -- 528,289 -- 586,988
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Totals 2,770,670 2,752,308 2,776,943 2,734,541
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Net income (loss) $(84,935) $1,338,156 $1,104,898 $2,548,785
Add interest on convertible subordinated
debentures, net of federal income tax effect -- 7,776 -- 130,378
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Net income (loss), as adjusted $ (84,935) $ 1,345,932 $ 1,104,898 $ 2,679,163
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Earnings (loss) per share assuming full
dilution $ (0.03) $ 0.49 $ 0.40 $ 0.98
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