STATEMENT REGARDING COMPUTATION EXHIBIT (11)
OF PER SHARE EARNINGS
QUARTER ENDING YEAR ENDING
JANUARY 31 JANUARY 31
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1995 1994 1995 1994
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PRIMARY
Weighted average shares outstanding at end of period 12,566,862 12,080,319 12,508,718 11,955,957
Assuming exercise of options reduced by the number of
shares which could have been purchased with the
proceeds from exercise 66,406 (285,197) 42,044 (161,998)
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Shares outstanding for computation of per share earnings 12,633,268 11,795,122 12,550,762 11,793,959
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Net income $1,069,000 $(29,548,000) $8,397,000 $(34,669,000)
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Primary earnings per share $0.08 $(2.51) $0.67 $(2.94)
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FULLY DILUTED
Weighted average shares outstanding at end of period 12,566,862 12,080,319 12,508,718 11,955,957
Assuming exercise of options reduced by the number of
shares which could have been purchased with the
proceeds from exercise 66,406 (90,333) 92,398 (89,259)
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Shares outstanding for computation of per share earnings 12,633,268 11,989,986 12,601,116 11,866,698
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Net income $1,069,000 $(29,548,000) $8,397,000 $(34,669,000)
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Fully diluted earnings per share $0.08 $(2.46) $0.67 $(2.92)
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REPORTED EARNINGS PER SHARE $0.08 $(2.47) $0.67 $(2.90)
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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 condensed consolidated statements of operations is not
required.