Exhibit 11
Computation of Historical Net Income (loss) Per Common Share
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
January 31, January 31,
1996 1997 1996 1997
---------- ---------- ---------- ----------
Net income $ 293,315 $ 583,932 $ 201,429 $1,002,103
========== ========== ========== ==========
Weighted average number of shares
outstanding 4,000,000 6,224,850 4,000,000 5,400,002
Add:
Shares issuable upon conversion of
Series A Redeemable Convertible
Preferred Stock 992,061 992,061
Shares issuable from the assumed
exercise of options as determined
by the application of the
treasury stock method 611,144 627,094 611,144 627,094
---------- ---------- ---------- ----------
5,603,205 6,851,944 5,603,205 6,027,096
========== ========== ========== ==========
Net income per common share $ 0.05 $ 0.09 $ 0.04 $ 0.17
========== ========== ========== ==========
The above computations include all common equivalent shares issued within the 12
months preceding the filing date as if they were outstanding for all periods
presented (using the treasury stock method) and the as if converted method with
regards to the Series A redeemable convertible preferred stock.