EXHIBIT 11
<TABLE>

                           COMPUTATION OF PER SHARE EARNINGS
                         (In thousands, except per share data)
<CAPTION>
                                                  Three Months Ended   Six Months Ended 
                                                     September 30,       September 30,  
Primary Per Share Earnings (Loss)                   1997      1996      1997      1996 


<S>                                                <C>       <C>       <C>       <C>
Average shares outstanding during period           20,850    19,878    20,354    19,884
                                                  =======   =======   =======   =======




Net income (loss)                                 $  (124)  $ 5,180   $  (826)  $ 4,589

Undeclared cumulative dividends on Series B
  and Series C Senior Preferred Stock                 (50)     (199)     (100)     (547)

Excess carrying amount and cumulative
  undeclared dividends of Series B and Series C
  Senior Preferred Stock over consideration             -    10,580         -    10,580
                                                  -------   -------   -------   -------
Net income (loss) applicable to common shares     $  (174)  $15,561   $  (926)  $14,622
                                                  =======   =======   =======   =======




Primary earnings (loss) per common and common
  equivalent share:                               $  (.01)  $   .78   $  (.05)  $   .74
                                                  =======   =======   =======   =======


</TABLE>
















<PAGE>
                                         EXHIBIT 11

<TABLE>
                         COMPUTATION OF PER SHARE EARNINGS (Cont'd)
                           (In thousands, except per share data)
<CAPTION>
                                                  Three Months Ended   Six Months Ended 
                                                     September 30,       September 30,  
Fully Diluted Per Share Earnings                    1997      1996      1997      1996 


<S>                                                <C>       <C>       <C>       <C>
Average shares outstanding during period           20,850    19,878    20,354    19,884

Dilutive effect of convertible securities
  computed by the "if converted" method:

  Series A preferred stock                             95       327        95       327
  Series B & C preferred stock                      1,986     1,986     1,986     1,986
                                                  -------   -------   -------   -------
                                                   22,931    22,191    22,435    22,197
                                                  =======   =======   =======   =======




Net income (loss)                                 $  (124)  $ 5,180   $  (826)  $ 4,589

Adjustment for repurchase of Series B and
  Series C Senior Preferred Stock                       -      (174)        -      (522)

Excess carrying amount and cumulative undeclared
  dividends of Series B and Series C Senior 
  Preferred Stock over consideration                    -    10,580         -    10,580
                                                  -------   -------   -------   -------
Net income (loss) applicable to common shares     $  (124)  $15,586   $  (826)  $14,647
                                                  =======   =======   =======   =======




Fully diluted earnings (loss) per common
  and common equivalent share:                    $  (.01)  $   .70   $  (.04)  $   .66
                                                  =======   =======   =======   =======


</TABLE>