EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
Three months Six months ended September 30 ended September 30 1997 1996 1997 1996 ---- ---- ---- ---- Calculation of common and common equivalent shares: Shares and share equivalent units outstanding at beginning of the period 1,607,000 1,586,000 1,590,000 1,585,000 Weighted average number of shares issued during the period: Issuance of shares 37,000 32,000 1,000 --------- --------- ---------- ---------- Weighted average shares outstanding 1,644,000 1,586,000 1,622,000 1,586,000 Common equivalent shares if stock options were exercised 51,000 27,000 53,000 25,000 Contingently issuable share equivalent units 3,000 1,000 --------- --------- ---------- ---------- Average number of common and common equivalent shares outstanding 1,698,000 1,613,000 1,676,000 1,611,000 ========= ========= ========== ========== Calculation of earnings per share: Net income $927,000 $557,000 $1,419,000 $1,029,000 Average number of common and common equivalent shares outstanding 1,698,000 1,613,000 1,676,000 1,611,000 --------- --------- ---------- ---------- Earnings per common and common equivalent share $.55 $.35 $.85 $.64 ==== ==== ==== ==== Fully diluted earnings per share is equivalent to primary earnings per share as the period-end market price of common stock does not result in greater dilution.