EXHIBIT 11.1 YEAR ENDED NINE MONTHS ENDED ---------------------------------------- -------------------------- 8/31/94 8/31/95 8/31/96 5/31/97 ------------ ------------ ------------ 5/31/96 ------------ ------------ (UNAUDITED) Net income........................................ 1,027,000 4,904,000 8,845,000 7,543,000 10,381,000 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Weighted average common shares outstanding........ 12,150,000 12,150,000 12,168,838 12,162,870 12,312,514 Common stock options, utilizing treasury stock method when dilutive............................ -- 418,640 1,659,827 1,506,219 1,787,819 Staff Accounting Bulletin No. 83 issuances and grants (1)...................................... 273,333 273,333 273,333 273,333 273,333 ------------ ------------ ------------ ------------ ------------ Weighted average shares outstanding............... 12,423,333 12,841,973 14,101,998 13,942,422 14,373,666 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ Earnings per share:............................... 0.08 0.38 0.63 0.54 0.72 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ - --------- (1) Pursuant to Securities and Exchange Commission Staff Accounting Bulletin No. 83, common and preferred stock issued for consideration below the assumed initial public offering (IPO) price, and stock options and warrants granted with exercise prices below the IPO price during the 12-month period preceding the date of the initial filing of the Registration Statement, have been included in the calculation of common equivalent shares, using the treasury stock method, as if they were outstanding for all periods presented.