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EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Average basic common shares outstanding and average common shares
outstanding assuming dilution for the years ended March 31, 2000, 1999 and 1998
are computed as follows:
<TABLE>
<CAPTION>
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
Average common shares - basic 5,567,844 5,714,113 5,690,680
Effect of dilutive stock options 79,722 151,510 148,257
---------- ---------- ----------
Average common shares - diluted 5,647,566 5,865,623 5,838,937
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</TABLE>
