1 EXHIBIT 11.1 INFINITY FINANCIAL TECHNOLOGY, INC. STATEMENT OF COMPUTATION OF NET INCOME PER SHARE(1) (In thousands, except per share data - unaudited) Year Ended December 31, ----------------------------- 1996 1995 1994 ------- ------- ------- Net income.................................. $ 5,405 $ 2,173 $ 1,641 ======= ======= ======= PRIMARY: Weighted average common shares outstanding.. 12,992 11,038 9,578 Weighted average IPO issued shares outstanding............................... 364 -- -- Common stock equivalents: Preferred stock using the as-if-converted method................................. 2,312 3,083 2,910 Stock options using the treasury stock method................................. 2,008 2,149 1,824 Shares related to Staff Accounting Bulletin topic 4D: Shares of common stock................... 578 770 770 Stock options............................ 954 1,272 1,272 ------- ------- ------- Shares used in computing net income per share...................................... 19,208 18,312 16,354 ======= ======= ======= Net income per share......................... $ 0.08 $ 0.12 $ 0.10 ======= ======= ======= FULLY DILUTED: Weighted average common shares outstanding... 12,992 11,038 9,578 Weighted average IPO issued shares outstanding................................ 364 Common stock equivalents: Preferred stock using the as-if-converted method................................. 2,312 3,083 4,310 Stock options using the treasury stock method................................. 2,043 2,219 1,936 Shares related to Staff Accounting Bulletin topic 4D: Shares of common stock................... 578 770 770 Stock options............................ 954 1,272 1,272 ------- ------- ------- Shares used in computing net income per share...................................... 19,243 18,382 17,866 ======= ======= ======= Net income per share......................... $ 0.28 $ 0.12 $ 0.09 ======= ======= ======= - ----------- (1) For an explanation of the number of shares used to compute net income per share, see notes to condensed consolidated financial statements.