<PAGE> 1
EXHIBIT 11
SCHEDULE OF COMPUTATION OF NET INCOME (LOSS) PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
October 31, October 31,
----------------------------- ----------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
BASIC:
Net income from continuing operations $ 1,643,000 $ 1,482,000 $ 2,981,000 $ 2,664,000
Weighted average shares outstanding 6,831,000 6,540,000 6,677,000 6,606,000
----------- ----------- ----------- -----------
Basic income per share from continuing
operations $ 0.24 $ 0.23 $ 0.45 $ 0.40
=========== =========== =========== ===========
Net income (loss) from discontinued
operations $ (121,000) $(1,894,000) $ 378,000 $(1,105,000)
Weighted average shares outstanding 6,831,000 6,540,000 6,677,000 6,606,000
----------- ----------- ----------- -----------
Basic income (loss) per share from
discontinued operations $ (0.02) $ (0.29) $ 0.05 $ (0.16)
=========== =========== =========== ===========
Net income (loss) $ 1,522,000 $ (412,000) $ 3,359,000 $ 1,559,000
Weighted average shares outstanding 6,831,000 6,540,000 6,677,000 6,606,000
----------- ----------- ----------- -----------
Basic income (loss) per share $ 0.22 $ (0.06) $ 0.50 $ 0.24
=========== =========== =========== ===========
</TABLE>
1
<PAGE> 2
SCHEDULE OF COMPUTATION OF NET INCOME (LOSS) PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
October 31, October 31,
----------------------------- -----------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
DILUTED:
Net income from continuing operations $ 1,643,000 $ 1,482,000 $ 2,981,000 $ 2,664,000
Effect of subsidiary options (95,000) (84,000) (211,000) (162,000)
----------- ----------- ----------- -----------
Net income used in calculation of
diluted income per share from
continuing operations $ 1,548,000 $ 1,398,000 $ 2,770,000 $ 2,502,000
=========== =========== =========== ===========
Weighted average shares outstanding 6,831,000 6,540,000 6,677,000 6,606,000
Effect of dilutive securities - stock
options 220,000 234,000 293,000 273,000
----------- ----------- ----------- -----------
Weighted average shares used in
calculation of diluted income per
share from continuing operations 7,051,000 6,774,000 6,970,000 6,879,000
=========== =========== =========== ===========
Diluted income per share from
continuing operations $ 0.22 $ 0.21 $ 0.40 $ 0.36
=========== =========== =========== ===========
Net income (loss) from discontinued
operations $ (121,000) $(1,894,000) $ 378,000 $(1,105,000)
Effect of subsidiary options -- -- -- --
----------- ----------- ----------- -----------
Net income (loss) used in calculation
of diluted income per share from
discontinued operations $ (121,000) $(1,894,000) $ 378,000 $(1,105,000)
=========== =========== =========== ===========
Weighted average shares outstanding 6,831,000 6,540,000 6,677,000 6,606,000
Effect of dilutive securities - stock
options 220,000 234,000 293,000 273,000
----------- ----------- ----------- -----------
Weighted average shares used in
calculation of diluted income
(loss) per share from discontinued
operations 7,051,000 6,774,000 6,970,000 6,879,000
=========== =========== =========== ===========
Diluted income (loss) per share from
discontinued operations $ (0.02) $ (0.28) $ 0.05 $ (0.16)
=========== =========== =========== ===========
</TABLE>
2
<PAGE> 3
SCHEDULE OF COMPUTATION OF NET INCOME (LOSS) PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
October 31, October 31,
----------------------------- -----------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net income $ 1,522,000 $ (412,000) $ 3,359,000 $ 1,559,000
Effect of subsidiary options (95,000) (84,000) (211,000) (162,000)
----------- ----------- ----------- -----------
Net income used in calculation of
diluted income per share $ 1,427,000 $ (496,000) $ 3,148,000 $ 1,397,000
=========== =========== =========== ===========
Weighted average shares outstanding 6,831,000 6,540,000 6,677,000 6,606,000
Effect of dilutive securities - stock
options 220,000 234,000 293,000 273,000
----------- ----------- ----------- -----------
Weighted average shares used in
calculation of diluted income per
share 7,051,000 6,774,000 6,970,000 6,879,000
=========== =========== =========== ===========
Diluted income per share $ 0.20 $ (0.07) $ 0.45 $ 0.20
=========== =========== =========== ===========
</TABLE>
3
