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EXHIBIT 11
Exhibit 11 - Statement Re: Computation of Earnings per Share
Year ended January 31
1997 1996 1995
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( In thousands, except per share amounts)
Primary
Weighted average shares outstanding 5,906 5,906 5,897
Net effect of dilutive stock options
based on the treasury stock
method using average market price. 99 69 53
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Total 6,005 5,975 5,950
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Net Income $ 9,326 $ 5,209 $ 5,001
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Net Income per Share $ 1.55 $ .87 $ .84
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Fully Diluted
Weighted average shares outstanding 5,906 5,906 5,897
Net effect of dilutive stock
options - based on the treasury
method using year end market
price if higher than average market price. 117 76 53
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Total 6,023 5,982 5,950
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Net Income $ 9,326 $ 5,209 $ 5,001
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Net Income per share $ 1.55 $ .87 $ .84
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Weighted average shares are adjusted retroactively for the effect of 10% stock
dividends.