EXHIBIT 11
STATEMENT RE COMPUTATION OF PRO FORMA NET INCOME PER SHARE
(In thousands, except per share data)
Three Months Nine Months
Ended June 30 Ended June 30,
1996 1997 1996 1997
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Pro forma net income. . . . . . . . . . . . . . . . . . . . . . . $1,824 ($650) $4,711 $4,085
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Shares used in computing pro forma net income per share:
Weighted average shares outstanding for period . . . . . . . . .
Effect of options granted in January 1997: 11,453 11,837 11,343 11,468
Options granted . . . . . . . . . . . . . . . . . . . . . . 404
Options price . . . . . . . . . . . . . . . . . . . . . . . $ 1.46
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Assumed proceeds . . . . . . . . . . . . . . . . . . . . . . . . 590
Average market price . . . . . . . . . . . . . . . . . . . . . . $ 17.81
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Shares assumed repurchased . . . . . . . . . . . . . . . . . . . 33
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Shares deemed outstanding . . . . . . . . . . . . . . . . . . . . 371 371 371 371 371
Effect of options granted in June 1997:
Options granted . . . . . . . . . . . . . . . . . . . . . . 31
Option price . . . . . . . . . . . . . . . . . . . . . . . . $ 16.00
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Assumed proceeds . . . . . . . . . . . . . . . . . . . . . . . . 496
Average market price per share . . . . . . . . . . . . . . . . . $ 17.81
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Shares assumed repurchased 28
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Shares deemed outstanding 3 3 3 3 3
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Effect on distribution to stockholders:
S Corporation Dividend . . . . . . . . . . . . . . . . . . . . . 20,500
Less: Net income for period from July 1, 1996 to June 30, 1997 . 14,645
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Dividend in excess of income . . . . . . . . . . . . . . . . . . 5,855
Estimated net IPO proceeds per share . . . . . . . . . . . . . . $14.66
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Shares deemed outstanding . . . . . . . . . . . . . . . . . . . . 399 399 399 399 399
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Shares used in computing pro forma net income per share: . . . . 12,226 12,610 12,116 12,241
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Pro forma net income per share . . . . . . . . . . . . . . . . . $0.15 ($0.05) $0.39 $0.33
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