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EXHIBIT 11
COMPUTATION OF INCOME
PER COMMON AND COMMON EQUIVALENT SHARE
(In thousands, except per share amounts)
Three Months Ended October 31,
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1995 1994
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PRIMARY INCOME PER SHARE:
Weighted average shares of common stock
outstanding (1) 10,584 10,956
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Primary income per share $ .07 $ .06
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FULLY DILUTED INCOME PER SHARE:
Weighted average shares of common stock
outstanding (1) 10,584 10,956
Shares issuable from assumed conversion of:
Warrants 13
Stock options 4
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Weighted average shares of common
stock outstanding, as adjusted 10,601 10,956
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Fully diluted income per share $ .07 (3) $ .06 (2)
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NET INCOME FOR PRIMARY AND FULLY
DILUTED COMPUTATION:
Net income $ 752 $ 607
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(1) Weighted average shares of common stock outstanding for all periods have
been restated for a one for three reverse stock split consummated on
January 17, 1995.
(2) This calculation is submitted in accordance with
Item 601(b)11 of Regulation S-K although warrants and stock options had no
dilutive effect.
(3) This calculation is submitted in accordance with Item 601(b)11 of
Regulation S-K although not required by footnote 2 to paragraph 14 of
APB Opinion No. 15 because warrants and options result in dilution of
less than 3%.