1
FORM 10-Q
EXHIBIT 11
HICKOK INCORPORATED
STATEMENT RE: COMPUTATION OF PER COMMON SHARE EARNINGS
Three Months Ended Six Months Ended
March 31 March 31
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1999 1998 1999 1998
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PRIMARY
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Average shares outstanding 1,199,750 1,196,108 1,199,080 1,195,978
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price - * 25,604 - * 18,747
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Total Shares 1,199,750 1,221,712 1,199,080 1,214,725
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Net Income (Loss) $(225,808) $ 540,620 $(472,882) $ 828,055
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Per Share $ (.18) $ 0.44 $ (.39) $ 0.68
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FULLY DILUTED
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Average shares outstanding 1,199,750 1,196,108 1,199,080 1,195,978
Net effect of dilutive
stock options - based
on the treasury stock
method using year-end
market price, if
higher than average
market price - * 29,621 - * 25,636
--------- --------- --------- ---------
Total Shares 1,199,750 1,225,725 1,199,080 1,221,614
--------- --------- --------- ---------
Net Income (Loss) $(225,808) $ 540,620 $(472,882) $ 828,055
========= ========= ========= =========
Per Share $ (.18) $ 0.44 $ (.39) $ 0.68
========= ========= ========= =========
*Net effect of stock options was antidilutive for the period.