EXHIBIT 11
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Year Ended June 30,
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(In thousands, except share amounts) 1996 1995 1994
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Primary Earnings per Common share
Income before extraordinary loss and cumulative effect of accounting change $ 9,096 $ 16,365 $ 4,358
Add: Interest on assumed debt payments, net of tax -- 63 --
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Adjusted income 9,096 16,428 4,358
Extraordinary loss, net of tax (225) -- --
Cumulative effect of change in accounting for income taxes -- -- 250
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Net earnings applicable to common stock $ 8,871 $ 16,428 $ 4,608
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Common shares outstanding at beginning of period 29,273 22,386 17,594
Less: Reduction for Class 7 shares -- (25) --
Shares issuable from assumed exercise of stock options and warrants 1,997 1,518 1,977
Shares issued from conversion of Series B notes -- -- 1,235
Shares issued from conversion of stock options and warrants 666 115 95
Shares issued pursuant to acquisitions -- 21 632
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Weighted average number of common shares outstanding 31,936 24,015 21,533
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Earnings per share before extraordinary loss and cumulative effect
of accounting change $ 0.28 $ 0.68 $ 0.20
Earnings per share attributable to extraordinary loss -- -- --
Earnings per share attributable to change in accounting for income taxes -- -- 0.01
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Primary earnings per share $ 0.28 $ 0.68 $ 0.21
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Fully Diluted Earnings per Common Share
Income before extraordinary loss and cumulative effect of accounting change $ 9,096 $ 16,365 $ 4,358
Add: Interest on Series B Notes, net of tax -- -- 96
Add: Interest on assumed debt payments, net of tax -- 22 --
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Adjusted income 9,096 16,387 4,454
Extraordinary loss, net of tax (225) -- --
Cumulative effect of change in accounting for income taxes -- -- 250
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Net earnings applicable to common stock $ 8,871 $ 16,387 $ 4,704
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Common shares outstanding at beginning of period 29,273 22,386 17,594
Less: Reduction for Class 7 shares -- (25) --
Shares issuable from assumed exercise of stock options and warrants 2,087 1,701 2,209
Shares issued from conversion of Series B notes -- -- 3,314
Shares issued from conversion of stock options and warrants 1,531 267 99
Shares issued pursuant to acquisitions -- 21 769
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Weighted average number of common shares outstanding 32,891 24,350 23,985
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Earnings per share before extraordinary loss and cumulative effect
of accounting change $ 0.28 $ 0.67 $ 0.19
Earnings per share attributable to extraordinary loss (0.01) -- --
Earnings per share attributable to change in accounting for income taxes -- -- 0.01
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Fully diluted earnings per share $ 0.27 $ 0.67 $ 0.20
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