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EXHIBIT 11--STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year Ended Three Months Ended Year Ended Year Ended
June 30, June 30, March 31, March 31,
1997 1996 1996 1995
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PRIMARY
Average shares outstanding 6,949,856 5,418,525 5,368,309 4,861,166
Net effect of dilutive
stock options and
warrants-based on the
treasury stock method
using average market
price 225,417 344,844 227,758 183,991
---------- ---------- ---------- -----------
TOTAL 7,175,273 5,763,369 5,596,067 5,045,157
========== ========== ========== ==========
Net income $5,646,000 $ 853,000 $2,524,000 $1,904,000
========== ========== ========== ==========
Per share amount $ .79 $ .15 $ .45 $ .38
========== ========== ========== ==========
FULLY DILUTED
Average shares
Outstanding 6,949,856 5,418,525 5,368,309 4,861,166
Net effect of dilutive
stock options and
warrants-based on the
treasury stock method
using the higher of
ending or average
market price 225,417 361,796 319,320 254,230
---------- ---------- ---------- ----------
TOTAL 7,175,273 5,780,321 5,687,629 5,115,396
========== ========== ========== ==========
Net income $5,646,000 $ 853,000 $2,524,000 $1,904,000
========== ========== ========== ==========
Per share amount $ .79 $ .15 $ .44 $ .37
========== ========== ========== ==========
The number of shares and per share amounts for the years ended March 31, 1996
and 1995 have been retroactively adjusted to reflect the Company's 1 for 2
reverse stock split, effected March 21, 1996.
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