EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per share data)
Year ended Six Months Ended
September 30, March 31,
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1994 1995 1996 1996 1997
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Primary Earnings Per Share:
Weighted average number of shares of Common
Stock outstanding 15,785 13,738 17,197 15,837 20,183
Net effect of dilutive stock options based
on the Treasury stock method using the average
fair market value in effect for the period 2,305 2,638 2,012 2,257 1,163
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Total shares outstanding for Primary EPS 18,090 16,376 19,209 18,094 21,346
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Fully Diluted Earnings Per Share:
Weighted average number of shares of Common
Stock outstanding 15,785 13,738 17,197 15,837 20,183
Net effect of dilutive stock options based
on the Treasury stock method using the higher
of the fair market value at the end of the
period or the average during the period 2,357 2,791 2,049 2,303 1,180
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Total shares outstanding for Fully
Diluted EPS 18,142 16,529 19,246 18,140 21,363
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Net income (loss) $ 1,485 $ 5,669 $ (340) $(5,629) $ 9,245
Less preferred stock dividends 18 18 27
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Net income (loss) applicable to common
shareholders $ 1,467 $ 5,651 $ (367) $(5,629) $ 9,245
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Earnings (loss) per share: Primary $ .08 $ 0.35 $ (0.02) $ (0.31) $ 0.43
Fully Diluted $ .08 $ 0.34 $ (0.02) $ (0.31) $ 0.43