EXHIBIT 11.1
PAYSIS INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER SHARE (1)
YEAR 11 MONTHS
ENDED ENDED NINE MONTH PERIOD
JANUARY 31, DECEMBER 31, YEAR ENDED DECEMBER 31, ENDED SEPTEMBER 30,
----------- ------------ ---------------------------------- ----------------------
1993 1993 1994 1995 1996 1996 1997
----------- ------------ -------- -------- -------- -------- --------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
Weighted average common and
common equivalent shares
outstanding during the
period ............................. 5,096 5,096 5,096 5,744 6,666 6,667 6,739
Net effect of dilutive stock
options and stock warrants
based on the treasury stock
method............................... -- -- -- -- 1,028 994 --
Effect of common stock issued
and stock options and warrants
granted subsequent to October 7,
1996 computed in accordance with
the treasury stock method as
required by the SEC (2).............. 876 876 876 876 876 876 876
------- ------- ------- ------- ------- ------- -------
Total common and common
equivalent shares................. 5,972 5,972 5,972 6,620 8,570 8,537 7,615
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
Income (loss) from continuing
operations........................... $ (745) $ (982) $ 149 $ (472) $ 139 $ 68 $(9,486)
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
Income (loss) per share from
continuing operations................ $ (0.12) $ (0.16) $ 0.02 $ (0.07) $ 0.02 $ 0.01 $ (1.25)
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
Net income (loss) .................... $(1,829) $(1,026) $ (23) $ (472) $ 139 $ 68 $(9,486)
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
Net income (loss) per share........... $ (0.31) $ (0.17) $ 0.00 $ (0.07) $ 0.02 $ 0.01 $ (1.25)
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
- -----------------------------
(1) All share information has been adjusted to reflect a five-for-one
stock split.
(2) Pursuant to Securities and Exchange Commission Staff Accounting
Bulletin No. 83, Common and Preferred Stock issued and stock
options and warrants grants at prices below the assumed initial public
offering price of $12.00 per share during the 12-month period
immediately preceding the initial filing date of the Company's
Registration Statement for its initial public offering have been
included as outstanding for all periods presented using the treasury
stock method.