<TABLE>
                                           EXHIBIT 11


                                COMPUTATION OF PER SHARE EARNINGS
                              (In thousands, except per share data)
<CAPTION>
                                                        Three Months Ended   Nine Months Ended 
                                                           December 31,        December 31,   
Primary Per Share Earnings (Loss)                         1995      1994      1995      1994 


<S>                                                      <C>       <C>       <C>       <C>
Average shares outstanding during period                 19,880    19,852    19,878    19,621
                                                        =======   =======   =======   =======




Net income (loss)                                       $(1,165)  $   233   $(2,463)  $ 1,006

Undeclared cumulative dividends on
  preferred stock                                          (348)     (516)     (994)   (1,548)

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

Net income (loss) applicable to common shares           $(1,513)  $   283   $ 1,497   $  (542)
                                                        =======   =======   =======   =======




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

  Net income (loss) per common and common               $  (.08)  $  (.01)  $   .08   $  (.03)
    equivalent share                                    =======   =======   =======   =======























                                              -12-
<PAGE>

</TABLE>
<TABLE>
                                           EXHIBIT 11


                           COMPUTATION OF PER SHARE EARNINGS (Cont'd)
                              (In thousands, except per share data)
<CAPTION>
                                                        Three Months Ended   Nine Months Ended 
                                                           December 31,        December 31,   
Fully Diluted Per Share Earnings                          1995      1994      1995      1994 


<S>                                                      <C>       <C>       <C>       <C>
Average shares outstanding during period                 19,880    19,852    19,878    19,621

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    38,519    30,147    38,288
                                                        =======   =======   =======   =======




Net income (loss)                                       $(1,165)  $   233   $(2,463)  $ 1,006

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

Net income (loss) applicable to common shares           $(1,165)  $   233   $ 2,491   $ 1,006
                                                        =======   =======   =======   =======




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

    Net income (loss) per common and common             $  (.04)  $   .01   $   .08   $   .03
      equivalent share                                  =======   =======   =======   =======

</TABLE>
















                                              -13-