EXHIBIT 11
(a) Computation of Earnings Per Common Share
Three Months Ended Nine Months Ended
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February 28 February 28
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1998 1997 1998 1997
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Net Income $891,025 $707,544 $2,409,230 $1,685,563
Weighted average number of Common Shares outstanding 2,620,950 2,589,305 2,602,633 2,596,914
Basic EPS $.34 $.27 $.93 $.65
Assuming exercise of options reduced by the number of
shares which could have been purchased with the proceeds
from exercise of such options 221,185 201,411 221,185 201,411
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Weighted average Common Shares outstanding and Common Share
equivalents 2,842,135 2,790,716 2,823,818 2,798,325
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--------- --------- --------- ---------
Diluted EPS $ .31 $ .25 $ .85 $ .60
REPORTS ON FORM 8-K
None.
11