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FORM 10-Q
EXHIBIT 11
HICKOK INCORPORATED
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended
June 30, June 30,
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1999 1998 1999 1998
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PRIMARY
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Average shares outstanding 1,199,750 1,196,695 1,199,303 1,196,217
Net effect of dilutive
stock options - based
on the treasury stock
method using average
market price 12,755 24,440 --** 20,122
----------- ----------- ----------- -----------
Total Shares 1,212,505 1,221,135 1,199,303 1,216,339
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Net Income (Loss) $ 15,196 $ 57,440 $ (457,686) $ 885,495
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Per Share $ .01 $ .05 $ (.38) $ .73
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FULLY DILUTED
- -------------
Average shares outstanding 1,199,750 1,196,695 1,199,303 1,196,217
Net effect of dilutive
stock options - based
on the treasury stock
method using year-end
market price, if higher
than average market price 13,995 24,440* --** 23,064
----------- ----------- ----------- -----------
Total Shares 1,213,745 1,221,135 1,199,303 1,219,281
----------- ----------- ----------- -----------
Net Income (Loss) $ 15,196 $ 57,440 $ (457,686) $ 885,495
=========== =========== =========== ===========
Per Share $ .01 $ .05 $ (.38) $ .73
=========== =========== =========== ===========
* Period-end market price is less than average market price, use same as
primary shares.
** Net effect of stock options was antidilutive for the period.
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