EXHIBIT 11
STATEMENT REGARDING COMPUTATION
OF PER SHARE EARNINGS
QUARTER ENDING
APRIL 30
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1994 1993
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PRIMARY
Weighted average shares outstanding at 12,432,109 11,932,615
end of period
Assuming exercise of options reduced
by the number of shares which could
have been purchased with the proceeds
from exercise 56,340 41,058
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Shares outstanding for computation of
per share earnings 12,488,449 11,973,673
=========== ==========
Net income $3,724,000 ($906,000)
=========== ==========
Primary earnings per share $0.30 ($0.08)
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FULLY DILUTED
Weighted average shares outstanding at 12,432,109 11,932,615
end of period
Assuming exercise of options reduced
by the number of shares which could
have been purchased with the
proceeds from exercise 66,766 41,058
----------- ----------
Shares outstanding for computation of
per share earnings 12,498,875 11,973,673
=========== ==========
Net income $3,724,000 ($906,000)
=========== ==========
Fully diluted earnings per share $0.30 ($0.08)
=========== ==========
REPORTED EARNINGS PER SHARE $0.30 ($0.08)
=========== ==========
The company does not meet the 3% dilution test contained in Accounting
Principles Board Opinion #15, therefore disclosure of diluted earnings per share
on the face of the income statements is not required.