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EXHIBIT 11.1
Statement Regarding Computation of Per Share Earnings
For the three months
For the year ended December 31, ended March 31,
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1995 1996 1997 1997 1998
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(unaudited)
Net Income.................................. $ 2,524 $ 5,080 $ 7,652 $ 1,827 $ 3,111
Shares used in computation:
Weighted average common shares
outstanding used in computation of
net income per common share............ 3,676,094 4,841,425 4,896,570 4,887,818 4,899,911
Dilutive effect of redeemable
convertible preferred stock............ 838,210 19,600 9,800 9,800 9,800
Dilutive effect of common stock
options................................ 209,799 24,281 56,294 56,294 22,874
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Shares used in computation of net income
per common share -- assuming
dilution.................................. 4,724,103 4,885,306 4,962,664 4,953,912 4,932,585
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Net income per common share................. $ 0.69 $ 1.05 $ 1.56 $ 0.37 $ 0.63
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Net income per common share --
assuming dilution......................... $ 0.53 $ 1.04 $ 1.54 $ 0.37 $ 0.63
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