<TABLE>
                                           EXHIBIT 11


                                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)                         1995      1994      1995      1994 


<S>                                                      <C>       <C>       <C>       <C>
Average shares outstanding during period                 19,880    19,622    19,877    19,506
                                                        =======   =======   =======   =======




Net income (loss)                                       $  (964)  $   171   $(1,298)  $   773

Undeclared cumulative dividends on
  preferred stock                                          (348)     (516)     (646)   (1,032)

Excess carrying amount and cumulative undeclared
  dividends of Preferred Stock over consideration             -         -     4,954         -

Net income (loss) applicable to common shares           $(1,312)  $  (345)  $ 3,010   $  (259)
                                                        =======   =======   =======   =======




Primary earnings (loss) per common and common
  equivalent share:

  Net income (loss) per common and common               $  (.07)  $  (.02)  $   .15   $  (.01)
    equivalent share                                    =======   =======   =======   =======







                                              -12-
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</TABLE>
<TABLE>
                                            EXHIBIT 11


                           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                          1995      1994      1995      1994 


<S>                                                      <C>       <C>       <C>       <C>
Average shares outstanding during period                 19,880    19,622    19,877    19,506

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

  Series A preferred stock                                  338       358       338       358
  Series B & C preferred stock                            9,931    18,309     9,931    18,309
                                                        
                                                         30,149    38,289    30,146    38,173
                                                        =======   =======   =======   =======




Net income (loss)                                       $  (964)  $   171   $(1,298)  $   773

Excess carrying amount and cumulative undeclared
  dividends of Preferred Stock over consideration             -         -     4,954         -

Net income (loss) applicable to common shares           $  (964)  $   171   $ 3,656   $   773
                                                        =======   =======   =======   =======




Fully diluted earnings (loss) per common and common
  equivalent share:

    Net income (loss) per common and common             $  (.03)  $   .00   $   .12   $   .02
      equivalent share                                  =======   =======   =======   =======



</TABLE>

                                              -13-
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