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 Six Months Ended June 30, June 30, 1997 1996 1997 1996 ------- ------- ------- ------- Net income ............................................ $ 1,424 $ 1,251 $ 3,189 $ 2,483 ======= ======= ======= ======= PRIMARY: Weighted average common shares outstanding ............ 18,505 11,939 18,359 11,842 Common stock equivalents: Preferred stock using the as if converted method -- 3,083 -- 3,083 Stock options using the treasury stock method .. 2,424 1,735 2,647 1,864 ESPP shares using the treasure stock method .... 4 -- 10 -- Shares related to Staff Accounting Bulletin topic 4D: Shares of common stock ......................... -- 770 -- 770 Stock options .................................. -- 1,272 -- 1,272 ------- ------- ------- ------- Shares used in computing net income per share ......... 20,933 18,799 21,016 18,831 ======= ======= ======= ======= Net income per share .................................. $ 0.07 $ 0.07 $ 0.15 $ 0.13 ======= ======= ======= ======= FULLY DILUTED: Weighted average common shares outstanding ............ 18,505 11,939 18,359 11,842 Common stock equivalents: Preferred stock using the as if converted method -- 3,083 -- 3,083 Stock options using the treasury stock method .. 2,472 1,747 2,671 1,882 ESPP shares using the treasure stock method .... 5 -- 10 -- Shares related to Staff Accounting Bulletin topic 4D: Shares of common stock ......................... -- 770 -- 770 Stock options .................................. -- 1,272 -- 1,272 ------- ------- ------- ------- Shares used in computing net income per share ......... 20,982 18,811 21,040 18,849 ======= ======= ======= ======= Net income per share .................................. $ 0.07 $ 0.07 $ 0.15 $ 0.13 ======= ======= ======= ======= (1) For an explanation of the number of shares used to compute net income per share, see notes to consolidated financial statements.