EXHIBIT 11
COMPUTATION OF PER SHARE DATA
(Unaudited)
Fiscal Year Ended In
-------------------------------
1994 1993 1992
---- ---- ----
Income from continuing
operations $ 4,233,000 $ 111,000 $ 4,099,000
Income from discontinued
operations 466,000 - 1,696,000
Extraordinary item - 300,000 2,150,000
Cumulative change in
accounting principle 14,128,000 - -
----------- ----------- -----------
Net Income $18,827,000 $ 411,000 $ 7,945,000
=========== =========== ===========
Primary:
Weighted average number of
common shares outstanding 14,320,969 13,239,116 12,264,563
Shares issuable upon
conversion of Series A
Convertible Preferred
Stock 1,058,400 1,479,070 2,000,000
Shares issuable upon
exercise of dilutive
stock options and
warrants - net of
shares assumed to be
repurchased (at the
average market price
for the period) from
exercise proceeds 1,115,529 1,096,092 561,198
----------- ----------- -----------
Shares used for computation 16,494,898 15,814,278 14,825,761
=========== =========== ===========
Income per share of common
stock (primary):
Continuing operations $ .26 $ .01 $ .28
Discontinued operations .03 - .11
Extraordinary item - .02 .15
Change in accounting
principle .85 - -
----------- ----------- -----------
Net income $ 1.14 $ .03 $ .54
=========== =========== ===========
Assuming full dilution:
Weighted average number of
common shares outstanding 14,320,969 13,239,116 12,264,563
Shares issuable upon
conversion of Series A
Convertible Preferred
Stock 1,058,400 1,479,070 2,000,000
Shares issuable upon
exercise of dilutive
stock options and
warrants - net of
shares assumed to be
repurchased (at the
higher of period-end
market price or the
average market price for
the period) from exercise
proceeds 1,115,529 1,540,000 689,196
----------- ----------- -----------
Shares used for
computation 16,494,898 16,258,186 14,953,759
=========== =========== ===========
Income per share of common
stock (assuming full
dilution): (a)
Continuing operations $ .26 $ .01 $ .27
Discontinued operations .03 - .11
Extraordinary item - .02 .15
Change in accounting
principle .85 - -
----------- ----------- -----------
Net Income $ 1.14 $ .03 $ .53
=========== =========== ===========
(a) Not presented because dilution is less than 3% from primary amounts.