PIEDMONT MANAGEMENT COMPANY INC. AND SUBSIDIARIES
<TABLE>
COMPUTATION OF LOSS PER COMMON SHARE AND
COMMON EQUIVALENT SHARE (Unaudited)
<CAPTION>
                                                      
                                                      Nine Months Ended September 30,
                                                          1995              1994
<S>                                                     <C>                <C>                                                      
(A)  Loss per common share and common
       equivalent share:

     Number of common shares:                 
     Issued (weighted average) . . . . . . .            5,251,637          5,230,844
     Less treasury stock . . . . . . . . . .             (265,000)          (265,000)
                                                         --------         ----------
     Outstanding for period. . . . . . . . .            4,986,637          4,965,844
     Common equivalent shares (two common for 
       each preferred share). . . . . . . . .                -                -     
     Average stock options outstanding
       (net of repurchased shares under the
       treasury stock method). . . . . . . .                 -                -     
                                                         --------         ----------
                                                        4,986,637          4,965,844
   Net loss. . . . . . . . . . . . . . . . .         $(16,541,518)       $(3,435,757)
   Deduction ($.75 per share) for dividends
    on preferred stock . . . . . . . . . . .              143,976            144,434
                                                       ----------         ----------
   Net loss applicable to common stock . . .         $(16,685,514)       $(3,580,191)

   Loss per common share . . . . . . . . . .               $(3.35)             $(.72)
                                                            =====               ====   
(B) Loss per common share assuming
     full dilution:

    Number of common shares:
     Outstanding for period. . . . . . . . .            4,986,637          4,965,844
     Common equivalent shares (two common for 
         each preferred share). . . . . . .               383,988            385,156
                                                        ---------          ----------
                                                        5,370,625          5,315,000
     Average stock options outstanding
         (net of repurchased shares under the
          treasury stock method) . . . . . .               33,890             79,205
                                                          --------          --------
                                                         5,404,515         5,430,205
     Net loss. . . . . . . . . . . . . . . . .       $(16,541,518)       $(3,435,757)
                                                                                                                     
     Loss per common share and common
      equivalent share . . . . . . . . . . . .             $(3.06)             $(.63)
                                                            =====               =====
</TABLE>
NOTE: In computing loss per common share in 1995 and 1994, results were reduced
by accrued dividends on cumulative convertible Series A preferred stock as 
inclusion of common stock equivalents would have been anti-dilutive.  
Accordingly, only weighted average shares were used in the computations.

                                 EXHIBIT I