<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)                   1996      1995      1996      1995 


<S>                                                <C>       <C>       <C>       <C>
Average shares outstanding during period           19,878    19,880    19,884    19,878
                                                  =======   =======   =======   =======




Net income (loss)                                 $(1,258)  $(1,165)  $ 3,331   $(2,463)

Undeclared cumulative dividends on Series B
    and Series C Senior Preferred Stock               (50)     (348)     (597)     (994)

Excess carrying amount and cumulative
    undeclared dividends of Series B and Series C
    Senior Preferred Stock over consideration           -         -    10,580     4,954

Adjustment for interest reduction of assumed            4         -         3         -
    debt redemption, net of tax
                                                  -------   -------   -------   -------

Net income (loss) applicable to common shares     $(1,304)  $(1,513)  $13,317   $ 1,497
                                                  =======   =======   =======   =======




Primary earnings (loss) per common and common
    equivalent share                              $  (.07)  $  (.08)  $   .67   $   .08
                                                  =======   =======   =======   =======

</TABLE>


















<PAGE>
<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                    1996      1995      1996      1995 


<S>                                                <C>       <C>       <C>       <C>
Average shares outstanding during period           19,878    19,880    19,884    19,878

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

    Series A preferred stock                          126       338       126       338
    Series B & C preferred stock                    1,986     9,931     1,986     9,931
                                                  -------   -------   -------   -------
                                                            
                                                   21,990    30,149    21,996    30,147
                                                  =======   =======   =======   =======




Net income (loss)                                 $(1,258)  $(1,165)  $ 3,331   $(2,463)

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

Excess carrying amount and cumulative undeclared
    dividends of Series B and Series C Senior 
    Preferred Stock over consideration                  -         -    10,580     4,954

Adjustment for interest reduction of assumed            4         -         3         -
    debt redemption, net of tax
                                                  -------   -------   -------   -------

Net income (loss) applicable to common shares     $(1,254)  $(1,165)  $13,392   $ 2,491
                                                  =======   =======   =======   =======




Fully diluted earnings (loss) per common
    and common equivalent share                   $  (.06)  $  (.04)  $   .61   $   .08
                                                  =======   =======   =======   =======

</TABLE>