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Technology Stocks : Safeguard Scientifics SFE

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To: William R. Polk who wrote (764)	8/22/1997 5:39:00 PM
From: William R. Polk	of 4467

I didn't have my thinking cap on last night when I attempted to calculated OAO earnings per share. Although they are offering 6.4 million shares to SFE shareholders, a total of 17,611,458 shares will be outstanding after the offer (fully diluted). This would have made last year's earnings .10/share and this year's (potentially) at .14/share or so. Bill

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