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EXHIBIT 11--STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended
December 31, December 31,
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1996 1995 1996 1995
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PRIMARY:
Average shares outstanding 7,126,444 5,378,754 6,259,045 5,364,848
Net effect of dilutive stock
options and warrants--based
on the treasury stock method
using average market price 199,647 126,776 263,252 201,845
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TOTAL 7,326,091 5,505,530 6,522,297 5,566,693
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Net income $ 2,476,000 $ 668,000 $ 3,816,000 $ 1,477,000
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Per share amount $ .34 $ .12 $ .58 $ .27
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FULLY DILUTED:
Average shares outstanding 7,126,444 5,378,754 6,259,045 5,364,848
Net effect of dilutive stock
options and warrants--based
on the treasury stock method
using the higher of ending
or average market price 199,647 252,314 263,252 238,052
----------- ----------- ----------- -----------
TOTAL 7,326,091 5,631,068 6,522,297 5,602,900
=========== =========== =========== ===========
Net income $ 2,476,000 $ 668,000 $ 3,816,000 $ 1,477,000
=========== =========== =========== ===========
Per share amount $ .34 $ .12 $ .58 $ .26
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The number of shares and per share amounts for the three and nine month periods
ended December 31, 1995 have been retroactively adjusted to reflect the
Company's 1 for 2 reverse stock split, effected March 21, 1996.