1 EXHIBIT 11.1 Statement Regarding Computation of Per Share Earnings For the nine months For the year ended December 31, ended September 30, --------------------------------------- ------------------------ 1995 1996 1997 1997 1998 ---------- ---------- ----------- ---------- ---------- (unaudited) Net Income (in thousands).................. $ 2,524 $ 5,080 $ 7,652 $ 6,199 $ 9,460 Shares used in computation: Weighted average common shares outstanding used in computation of net income per common share.......... 7,352,189 9,682,851 9,793,140 9,791,212 9,849,602 Dilutive effect of redeemable convertible preferred stock.......... 1,676,420 39,200 19,600 19,600 19,600 Dilutive effect of common stock options.............................. 419,598 48,562 112,589 194,216 162,772 ---------- ---------- ----------- ----------- ----------- Shares used in computation of net income per common share -- assuming dilution.............................. 9,448,206 9,770,613 9,925,329 10,005,028 10,031,974 ========== ========== =========== =========== =========== Net income per common share................ $ 0.34 $ 0.52 $ 0.78 $ 0.63 $ 0.96 ========== ========== =========== =========== =========== Net income per common share -- assuming dilution..................... $ 0.27 $ 0.52 $ 0.76 $ 0.62 $ 0.94 ========== ========== =========== =========== ===========