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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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1997 1996
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PRIMARY
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Average shares outstanding 1,195,850 1,192,850
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price 16,304 19,623
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Total Shares 1,212,154 1,212,473
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Net Income (Loss) $ 287,435 $ (194,441)
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Per Share $ .24 $ (0.16)
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FULLY DILUTED
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Average shares outstanding 1,195,850 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 18,982 19,623
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Total Shares 1,214,832 1,212,473
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Net Income (Loss) $ 287,435 $ (194,441)
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Per Share $ 0.24 $ (0.16)
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(13)