1 EXHIBIT 11.1 INFINITY FINANCIAL TECHNOLOGY, INC. STATEMENT OF COMPUTATION OF NET INCOME PER SHARE (1) (In thousands, except per share data - unaudited) Three Months Ended March 31, ----------------- 1997 1996 ------- -------- Net income ............................................... $ 1,765 $ 1,232 ======= ======= PRIMARY: Weighted average common shares outstanding ............... 18,212 11,746 Common stock equivalents: Preferred stock using the as if converted method... -- 3,083 Stock options using the treasury stock method ..... 2,871 1,992 ESPP shares using the treasury stock method ....... 15 -- Shares related to Staff Accounting Bulletin topic 4D: Shares of common stock ............................ -- 770 Stock options ..................................... -- 1,272 ------- ------- Shares used in computing net income per share ............ 21,098 18,863 ======= ======= Net income per share ..................................... $ 0.08 $ 0.06 ======= ======= FULLY DILUTED: Weighted average common shares outstanding ............... 18,212 11,746 Common stock equivalents: Preferred stock using the as if converted method .. -- 3,083 Stock options using the treasury stock method ..... 2,871 2,016 ESPP shares using the treasury stock method ....... 15 -- Shares related to Staff Accounting Bulletin topic 4D: Shares of common stock ............................ -- 770 Stock options ..................................... -- 1,272 ------- ------- Shares used in computing net income per share ............ 21,098 18,887 ======= ======= Net income per share ..................................... $ .08 $ .06 ======= ======= (1) For an explanation of the number of shares used to compute net income per share, see notes to consolidated financial statements.