EXHIBIT 11
STATEMENT RE COMPUTATION OF PRO FORMA NET INCOME PER SHARE
THREE MONTHS
YEAR ENDED ENDED
SEPTEMBER 30, DECEMBER 31,
1996 1996
(IN THOUSANDS,
EXCEPT PER SHARE DATA)
Pro forma net income................................... $ 7,106 $ 2,253
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Shares used in computing pro forma net income per
share:
Weighted average shares outstanding for period......... 11,418 11,453
Effect of options granted in January 1997:
Options granted...................................... 404
Option price......................................... $ 1.46
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Assumed proceeds..................................... 582
Estimated net IPO proceeds per share................. $ 13.75
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Shares assumed repurchased........................... 42
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Shares deemed outstanding............................ 362 362 362
Effect on distribution to stockholders:
S Corporation Dividend............................... 17,500
Less: Net income for period from January 1, 1996 to
December 31, 1996................................. 13,400
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Dividend in excess of income......................... 4,100
Estimated net IPO proceeds per share................. $ 13.75
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Shares deemed outstanding......................... 298 298 298
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Shares used in computing pro forma net income per
share:............................................... 12,078 12,113
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Pro forma net income per share......................... $ 0.59 $ 0.19
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