EXHIBIT 11
EXHIBIT (11)
COMPUTATION OF EARNINGS PER SHARE
(Dollars in thousands, except per share amounts)
Year Ended June 30,
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1997 1996 1995
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DATA AS TO EARNINGS:
Income (loss) 4,876 (5,001) (1,618)
Less: preferred stock dividends (2,755) (2,307) (2,080)
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Income (loss) applicable to common and
common equivalent shares 2,121 (7,308) (3,698)
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DATA AS TO NUMBER OF COMMON SHARES:
Weighted average shares outstanding 15,087,347 15,039,391 14,977,248
Common equivalent shares relating to
contingent issuance 48,250 35,877
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Average number of common shares and
common share equivalents 15,135,597 15,039,391 15,013,125
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PRIMARY EARNINGS PER COMMON SHARE:
Net income (loss) $ 0.14 $ (0.49) $ (0.25)
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EARNINGS PER COMMON SHARE AND COMMON
SHARE EQUIVALENT (Note 1 below)
Net income (loss) $ 0.14 $ (0.49) $ (0.25)
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Note 1: Common share equivalents in the aggregate dilute the primary earnings
per common share by less than 3 percent.