EXHIBIT 11 - COMPUTATION OF EARNINGS PER COMMON SHARE
Column A Column B Column C
Weighted
Average Income Per
Number of Common
Shares Net Share
Outstanding* Income (B/A)
----------- --------- ---------
Nine months ended:
February 28, 1998 5,268,619 $383,394 $ .07
February 28, 1997 4,282,510 217,126 .05
Three months ended:
February 28,1998 5,262,628 $316,179 $ .06
February 28,1997 4,670,431 404,804 .09
Nine Months Ended Three Months Ended
February 28, February 28,
1998 1997 1998 1997
---- ---- ---- ----
*Computation of weighted
average number of common
shares outstanding and
common equivalent shares:
Common shares outstanding
at the beginning of the
period 5,135,548 4,013,765 5,086,456 4,013,765
Weighted average of common
shares issued during the
period 1,520 189,560 -- 575,000
Weighted average of common
shares repurchased for the
treasury during the period (47,472) -- (2,866) --
Weighted average of the common
equivalent shares attributable
to stock options granted,
computed under the treasury
stock method 179,023 79,185 179,038 81,666
--------- --------- --------- ---------
Weighted average number of
common and common
equivalent shares 5,268,619 4,282,510 5,262,628 4,670,431
========= ========= ========= =========