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                                                                    EXHIBIT 11.1

                         EARNINGS PER SHARE COMPUTATION


Earnings per share calculations may be affected by the granting of stock
options under the Company's stock option plan.  The granting of these options
may have a dilutive effect on earnings per common and common equivalent share.
Following is a summary computation of the weighted average number of shares
outstanding and earnings per share using the treasury-stock method. Primary and
fully diluted earnings per share are the same for each period presented.


<TABLE>
<CAPTION>
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                                                                                  Three Months Ended December 31,
                                                                                  -------------------------------
Weighted Average Shares Outstanding                                                     1996              1995  
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<S>                                                                                <C>             <C>      
Common stock outstanding throughout the period                                     2,794,000           2,732,000
Exercised options                                                                          -              15,000
Dilutive unexercised stock options:                                                
      Shares presumed issued at exercise ($2.25 to $5.50 per share)                        -             163,000
      Less:  Shares repurchased with presumed proceeds at average per              
             share price ($6.06 per share in 1995)                                         -             (66,000)
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Weighted average shares outstanding                                                2,794,000           2,844,000
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<TABLE>
<CAPTION>
                                                                                  
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                                                           (a)              (b)   
Per Share Computations                                                    Weighted                 Per Share (a / b)  
                                                        Results of         Average             -----------------------
                                                        Operations          Shares               1996         1995
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<S>                                                     <C>              <C>                    <C>            <C>
Net income - Three Months Ended
             December 31, 1996                          $  438,000       2,794,000              $ .16

Net income - Three Months Ended
             December 31, 1995                          $  180,000       2,844,000                             $ .06
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