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 Nine Months Ended September 30, September 30, ------------------ ------------------ 1997 1996 1997 1996 --------- ------- ------- ------- Net income.......................................... $ 2,186 $ 1,294 $ 5,375 $ 3,777 ========= ======= ======= ======= PRIMARY: Weighted average common shares outstanding.......... 18,917 12,151 18,545 11,945 Common stock equivalents: Preferred stock using the as if converted -- 3,083 -- 3,083 method...................................... Stock options using the treasury stock method. 1,967 1,487 2,420 1,738 ESPP shares using the treasure stock method... 7 -- 9 -- 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....... 20,891 18,763 20,974 18,808 ======= ======= ======= ======= Net income per share................................ $ 0.10 $ 0.07 $ 0.26 $ 0.20 ======= ======= ======= ======= FULLY DILUTED: Weighted average common shares outstanding.......... 18,917 12,151 18,545 11,945 Common stock equivalents: Preferred stock using the as if converted method...................................... -- 3,083 -- 3,083 Stock options using the treasury stock method. 1,965 1,497 2,436 1,754 ESPP shares using the treasure stock method... 7 -- 9 -- 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....... 20,889 18,773 20,990 18,824 ======= ======= ======= ======= Net income per share................................ $ 0.10 $ 0.07 $ 0.26 $ 0.20 ======= ======= ======= ======= (1) For an explanation of the number of shares used to compute net income per share, see notes to consolidated financial statements.