EXHIBIT 11
STATEMENT RE COMPUTATION OF NET INCOME PER SHARE
(In thousands, except per share data)
Three Months Three Months
Ended December 31, Ended December 31,
1996 1997 1996 1997
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Historical net income............................................ $2,593
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Pro forma net income............................................. $2,253
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Shares used in computing net income per share:
Weighted average shares outstanding for period................... 11,453 14,791
Effect of options granted in January 1997:
Options granted.............................................. 401 401
Options price................................................ $1.46 $1.46
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Assumed proceeds................................................. $585 $585
Average market price............................................. $16.00 $26.57
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Shares assumed repurchased....................................... 37 22
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Shares deemed outstanding........................................ 364 379 364 379
Effect of options granted in June 1997:
Options granted.............................................. 31 31
Option price................................................. $16.00 $16.00
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Assumed proceeds................................................. $496 $496
Average market price per share................................... $16.00 $26.57
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Shares assumed repurchased....................................... 31 19
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Shares deemed outstanding........................................ 0 12 0 12
Effect of distribution to stockholders:
S Corporation Dividend........................................... $27,425
Less: Net income for period from June 13, 1996 to June 12, 15,954
1997............................................................. -------
$11,471
Dividend in excess of income..................................... $14.66
Net IPO proceeds per share....................................... -------
783
Shares deemed outstanding........................................ 783 0
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Shares used in computing diluted net income per share:........... 12,600 15,182
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Shares used in computing basic net income per share.............. 14,791
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Historical basic net income per share............................ $ 0.18
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Historical diluted net income per share.......................... $ 0.17
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Pro forma diluted net income per share........................... $ 0.18
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