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HICKOK INCORPORATED
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year Ended September 30
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1996 1995 1994
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PRIMARY
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Average shares outstanding 1,192,850 1,194,500 1,192,304
Net effect of dilutive stock options
- based on the treasury stock
method using average market price 24,305 27,918 19,422
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Total Shares 1,217,155 1,222,418 1,211,726
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Net Income $ 959,875 $ 1,794,230 $ 1,556,303
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Net Income per Share $ .79 $ 1.47 $ 1.29
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FULLY DILUTED
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Average shares outstanding 1,192,850 1,194,500 1,192,304
Net effect of dilutive stock options
- based on the treasury stock method
using year-end market price
if higher than average market price 24,305* 29,474 19,422*
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Total Shares 1,217,155 1,223,974 1,211,726
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Net Income $ 959,875 $ 1,794,230 $ 1,556,303
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Net Income Per Share $ .79 $ 1.47 $ 1.29
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<FN>
* Year-end market price is less than average market price, use same as primary
shares.