EXHIBIT 11 - COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
Column A Column B Column C
Weighted Income
Average (loss) Per
Number of Net Common
Shares Income Share
Outstanding* (Loss) (B/A)
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Six months ended:
November 30, 1997 5,243,875 67,215 .01
November 30, 1996 4,013,765 (187,678) (.05)
Three months ended:
November 30, 1997 5,237,612 160,819 .03
November 30, 1996 4,013,765 (149,599) (.04)
Six Months Ended Three Months Ended
November 30, November 30,
1997 1996 1997 1996
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*Computation of weighted
average number of common share
outstanding and common
equivalent shares:
Common shares outstanding
at the beginning of the
period 5,135,548 4,013,765 5,086,123 4,013,765
Weighted average of common
shares issued during the
period 1,120 -- 164 --
Weighted average of common
shares repurchased for the
treasury during the per (44,118) -- -- --
Weighted average of the common
equivalent shares attributable
to stock options granted,
computed under the treasury
stock method 151,325 -- 151,325 --
--------- --------- --------- ----------
Weighted average number of
common and common
equivalent shares 5,243,875 4,013,765 5,237,612 4,013,765
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