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FORM 10-Q
EXHIBIT 11
HICKOK INCORPORATED
STATEMENT RE: COMPUTATION OF PER COMMON SHARE EARNINGS
Three Months Ended
December 31,
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1996 1995
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PRIMARY
- -------
Average shares outstanding 1,192,850 1,192,850
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price 19,623 29,681
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Total Shares 1,212,473 1,222,531
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Net Income (Loss) $(194,441) $ 301,764
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Per Share $ (0.16) $ 0.25
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FULLY DILUTED
- -------------
Average shares outstanding 1,192,850 1,192,850
Net effect of dilutive
stock options - based
on the treasury stock
method using period-end
market price, if
higher than average
market price 19,623* 29,681*
---------- -----------
Total Shares 1,212,473 1,222,531
---------- -----------
Net Income (Loss) $ (194,441) $ 301,764
========== ===========
Per Share $ (0.16) $ 0.25
========== ===========
<FN>
*Period-end market price is less than average market price, use same as primary
shares.
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