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EXHIBIT 11.1
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS (1)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
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MAR 30, MAR 31, MAR 30, MAR 31,
1997 1996 1997 1996
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Net income(1)................................................. $ 2,040 $ 1,264 $ 4,597 $ 3,204
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Average shares outstanding.................................. 8,888 6,795 8,888 6,795
Common equivalent shares.................................... 117 126 126
Assumed shares sold to prepay shareholder distribution (2).. 890 890
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Weighted average number of common shares.................... 9,005 7,685 9,014 7,685
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Earnings per common and common equivalent share............. $ 0.23 $ 0.16 $ 0.51 $ 0.42
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(1) The computations set forth for the three and six fiscal months ended
March 31, 1996 are based on pro forma net income which reflects the
recording by the Company of additional taxes as if the Company were
treated as a C corporation for all periods presented.
(2) Reflects the estimated number of shares required to be sold by the
Company (as calculated based upon the net proceeds of the initial
public offering) to pay the pre-offering shareholder distributions of
approximately $9,952. The total estimated shares of 890 were assumed to
be outstanding for both periods of fiscal 1996. Subsequent to the
initial public offering, the shares were actually outstanding and are
therefore included in the "average shares outstanding" calculation
above.
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