EXHIBIT 11 STATEMENT RE COMPUTATION OF NET INCOME PER SHARE (in thousands, except per share data)
Three Months Ended Years Ended September 30, December 31, 1995 1996 1997 1996 1997 ---------------------------------------------- Historical net income 6,859 11,619 8,589 3,698 2,593 Shares used in computing net income per share: Shares used in computing basic net income per share (Weighted average shares outstanding for period) 11,312 11,371 12,306 11,453 14,791 Three Months Year Ended December 31, 1997 1996 1997 --------------------------- Effect of options granted in January 1997: Options granted 401 401 401 Options price $ 1.46 $ 1.46 $ 1.46 ------ ------ ------ Assumed proceeds $ 585 $ 585 $ 585 Average market price $23.02 $16.00 $26.57 ------ ------ ------ Shares assumed repurchased 25 37 22 Shares deemed outstanding 376 364 379 0 0 376 364 379 Effect of options granted in June 1997: Options granted 31 31 31 Options price $16.00 $16.00 $16.00 ------ ------ ------ Assumed proceeds $ 496 $ 496 $ 496 Average market price $23.02 $16.00 $26.57 ------ ------ ------ Shares assumed outstanding 22 31 19 Shares deemed outstanding 9 0 12 0 0 9 0 12 ------ ------ ------ ------ ------ Shares used in computing diluted net income per share: 11,312 11,371 12,691 11,817 15,182 ====== ====== ====== ====== ====== Net income per share - basic: $0.61 $1.02 $0.70 $0.32 $0.18 ====== ====== ====== ====== ====== Net income per share - diluted: $0.61 $1.02 $0.88 $0.31 $0.17 ====== ====== ====== ====== ======