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 ------------------------ ------------------------- Historical net income............................................ $2,593 ====== Pro forma net income............................................. $2,253 ====== 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 ----- ------ Assumed proceeds................................................. $585 $585 Average market price............................................. $16.00 $26.57 ------ ------ Shares assumed repurchased....................................... 37 22 ------ ------ Shares deemed outstanding........................................ 364 379 364 379 Effect of options granted in June 1997: Options granted.............................................. 31 31 Option price................................................. $16.00 $16.00 ------ ------ Assumed proceeds................................................. $496 $496 Average market price per share................................... $16.00 $26.57 ------ ------ Shares assumed repurchased....................................... 31 19 ------ ------ 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 ------- ------- Shares used in computing diluted net income per share:........... 12,600 15,182 ======= ======= Shares used in computing basic net income per share.............. 14,791 ======= Historical basic net income per share............................ $ 0.18 ======= Historical diluted net income per share.......................... $ 0.17 ======= Pro forma diluted net income per share........................... $ 0.18 =======
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