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EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
PRIMARY AND FULLY DILUTED
Three Months Ended Six Months Ended
January 31 January 31
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1995 1994 1995 1994
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Net income for computing primary and fully diluted earnings per common share $1,256,000 $1,094,000 $2,487,000 $1,992,000
Primary shares
Weighted average number of common shares outstanding 6,205,245 5,673,656 6,173,976 5,654,729
Additions from assumed exercise of stock options and warrants 399,655 546,435 422,797 528,114
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Weighted average of common and common equivalent shares 6,604,900 6,220,091 6,596,773 6,182,843
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Fully diluted shares
Weighted average number of common shares outstanding 6,205,245 5,673,656 6,173,976 5,654,729
Additions from assumed exercise of stock options and warrants 399,655 621,744 422,797 565,704
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Weighted average of common and common equivalent shares 6,604,900 6,295,400 6,596,773 6,220,433
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Net income per common share
Primary $ 0.19 $ 0.18 $ 0.38 $ 0.32
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Fully diluted $ 0.19 $ 0.18 $ 0.38 $ 0.32
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Primary additions from assumed exercise of stock options and warrants is net of
assumed purchase of common shares at the average market price during the period.
Fully diluted earnings per share was determined in the same manner except
that the greater of the period end or period average stock price was used.