EXHIBIT 11
Computation of Earnings Per Share
EXHIBIT 11. COMPUTATION OF EARNINGS PER SHARE
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Computation of Income per Common and Common Equivalent Shares:
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Year Ended June 30,
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1997 1996 1995
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Income before extraordinary items $ 44,677,352 $ 55,306,421 $ 31,180,779
Extraordinary items, net of tax benefit (583,312) - -
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Net Income $ 44,094,040 $ 55,306,241 $ 31,180,779
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PRIMARY:
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Weighted average common shares outstanding 21,583,083 21,939,148 21,282,715
Add shares applicable to stock options using
average market price 321,877 331,566 337,685
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Total average common and common equivalent
shares outstanding 21,904,960 22,270,714 21,620,400
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Income before extraordinary items $ 2.04 $ 2.48 $ 1.44
Extraordinary items, net of tax benefit (0.03) - -
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Net income per common and common equivalent share $ 2.01 $ 2.48 $ 1.44
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FULLY DILUTED (1):
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Weighted average common shares outstanding 21,583,083 21,939,148 21,282,715
Add shares applicable to stock options using the
period-end market price if higher than average
market price and other dilutive factors 338,231 339,320 342,264
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Total average common and common equivalent
shares outstanding assuming full dilution 21,921,314 22,278,468 21,624,979
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Income before extraordinary items $ 2.04 $ 2.48 $ 1.44
Extraordinary items, net of tax benefit (0.03) - -
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Net income per common share assuming full dilution $ 2.01 $ 2.48 $ 1.44
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ALL PER SHARE DATA RESTATED TO REFLECT THE THREE-FOR-TWO STOCK SPLIT EFFECTIVE
JANUARY 14, 1997.
(1) This calculation is submitted in accordance with Regulation S-K under Item
602 (b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3.0%.
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