1 EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS THE FISCAL YEARS ENDED JULY 31, 1995, 1996 AND 1997 (WHOLE DOLLARS EXCEPT PER SHARE DATA) 1995 1996 1997 Net Income Applicable to Common stock $ 5,141,379 $7,663,858 $11,218,808 =========== ========== =========== Primary Earnings (Loss): Weighted average number of common shares outstanding 10,588,766 10,616,376 10,775,991 Common share equivalents arising from stock options(1) 0 243,443 172,698 ----------- ---------- ----------- Weighted average number of common shares as adjusted 10,588,766 10,859,819 10,948,689 =========== ========== =========== Net Income (Loss) per common and common equivalent share $ 0.49 $ 0.71 $ 1.02 =========== ========== =========== Fully Diluted Earnings (Loss): Weighted average number of common shares outstanding 10,588,766 10,616,376 10,775,991 Common share equivalents arising from stock options(1) 0 311,908 218,509 ----------- ---------- ----------- Weighted average number of Common shares as adjusted 10,588,766 10,928,284 10,994,500 =========== ========== =========== Net Income (Loss) per common and common equivalent share $ 0.49 $ 0.70 $ 1.02 =========== ========== =========== (1) In the year ended July 31, 1995 common share equivalents arising from stock options did not impact the per share amounts as they were either insignificant or anti-dilutive.