<PAGE>
 
                                   EXHIBIT 11

             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

<TABLE>
<CAPTION>
 
 
                                                           Three Months         Six Months
                                                              Ended               Ended
                                                        September 30, 1996  September 30, 1996
                                                        ------------------  ------------------
<S>                                                     <C>                 <C>
Net Income (loss)                                             $(57,945)          (16,487)
                                                              ========           =======  
Weighted average shares outstanding                            230,998           230,909
                                                  
Reduction for common shares not yet released by   
  Employee Stock Ownership Plan                                 16,087            16,238
                                                  
Common stock equivalents due to dilutive effect   
  of stock options                                                *                 *
                                                              --------           ------- 
                                                  
Total weighted average common shares and          
  equivalents outstanding                                      214,911           214,671
                                                              ========           =======
                                                  
Primary earnings (loss) per share                             $  (0.27)            (0.08)
                                                                  ====              ==== 
Total weighted average common shares and          
  equivalents outstanding for primary             
  computation                                                  214,911           214,671
                                                  
Additional dilutive shares using the end of       
  period market value versus the average market   
  value when applying the treasury stock method                   **                **
                                                              --------           -------
                                                  
Total weighted average common shares and          
  equivalents outstanding for fully diluted       
  computation                                                  214,911           214,671
                                                              ========           =======
                                                  
Fully diluted earnings (loss) per share                       $  (0.27)            (0.08)
                                                                  ====              ====  

</TABLE>

*    Note:  The market value of the stock at September 30, 1996 was $10.00, the
            same as the stock option exercise price; therefore no common stock
            equivalents are computed.

**   Note:  If average share price is greater than ending price, use average
            price for both primary and fully diluted calculation. This
            adjustment does not apply because the average price and the ending
            price at September 30, 1996 are the same as the option exercise
            price of $10.00 per share.

                                      
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