Exhibit 11.1 Statement Regarding Computation of Per Share Earnings
Year ended December 31 1995 1996 ---- ---- PRIMARY Pro forma net income $ 5,883 $ 2,617 ======== ======== Weighted average shares outstanding including the effects of the IPO 6,424 6,509 Primary EPS $ 0.92 $ 0.40 ======== ======== FULLY DILUTED Pro forma net income $ 5,883 $ 2,617 ======== ======== Weighted average shares outstanding including the effects of the IPO 6,474 6,488 Fully diluted EPS $ 0.91 $ 0.40 ======== ======== SUPPLEMENTAL PRO FORMA EPS Pro forma net income as reported $ 5,883 $ 2,617 ======== ======== Add back: interest expense 253 -------- Supplemental pro forma net income (1) $ 2,870 Weighted average shares outstanding including the effects of the IPO 6,509 Supplemental pro forma net income $ 0.44 ========
The treasury stock method was used in the calculation of the average shares outstanding for EPS. The denominator includes the shares outstanding during the year plus the number of shares from assumed exercise of all outstanding stock options less the number of treasury shares that would be repurchased from the proceeds of such exercise. For primary EPS, the average stock price for the year is used in the calculation of treasury shares assumed to be purchased from the proceeds of exercised options; in the calculation for fully diluted EPS, the year-end stock price is used. The initial public offering price of $9.50 on January 9, 1997, was assumed to be the year-end stock price. The number of shares issued in connection with the initial public offering are also included in the denominator as though the shares had been outstanding since the beginning of the year, in accordance with Regulation S-X, Article 11. (1) Supplemental pro forma net income reflects reduced interest expense (tax-effected) as if debt repaid from the initial public offering proceeds had been repaid as of the beginning of the year, in accordance with Regulation S-X, Article 11.