EXHIBIT 11.1
COMPUTATION OF NET INCOME PER COMMON SHARE
Historical
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9/8/95 Year 7/1/96 7/1/97
Through Ended Through Through
6/30/96 6/30/97 9/26/96 9/25/97
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Net income (loss) for computing net income
per common share
Income (loss) before extraordinary loss $2,788 $3,055 $ (820) $(3,691)
Extraordinary loss on early extinguishment
of debt, net of tax (215)
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Net income (loss) $2,788 $2,840 $ (820) $(3,691)
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Primary:
Net income (loss) per common share before
extraordinary loss $ 0.48 $ 0.44 $(0.12) $ (0.57)
Extraordinary loss on early extinguishment
of debt, net of tax - (0.03) - -
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Net income (loss) per common share $ 0.48 $ 0.41 $(0.12) $ (0.57)
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Fully diluted:
Net income (loss) per common share before
extraordinary loss $ 0.48 $ 0.42 $(0.12) $ (0.57)
Extraordinary loss on early extinguishment
of debt, net of tax - (0.03) - -
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Net income (loss) per common share $ 0.48 $ 0.39 $(0.12) $ (0.57)
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COMPUTATION OF WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
9/8/95 Year 7/1/96 7/1/97
Through Ended Through Through
6/30/96 6/30/97 9/26/96 9/25/97
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Weighted average common shares
outstanding during the period 5,593,146 6,208,735 6,771,100 6,228,049
SAB 83 transactions 201,556 201,556 201,556 201,556
Assuming exercise of options
using the Treasury Stock Method 609,296
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Weighted average number of
common shares outstanding
as adjusted; Primary shares 5,794,702 7,019,587 6,972,656 6,429,605
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Incremental additional shares upon
the exercise of options using the
end of period price 227,183
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Weighted average number of
common shares outstanding
as adjusted; Fully diluted shares 5,794,702 7,246,770 6,972,656 6,429,605
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COMPUTATION OF NET INCOME
Pro Forma
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Year 7/1/96 7/1/97
Ended Through Through
6/30/97 9/26/96 9/25/97
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Net income (loss) for computing net income
per common share
Income (loss) before extraordinary loss $2,881 $(3,166) $(4,338)
Extraordinary loss on early extinguishment
of debt, net of tax
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Net income (loss) $2,881 $(3,166) $(4,338)
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Primary:
Net income (loss) per common share before
extraordinary loss $ 0.34 $ (0.35) $ (0.67)
Extraordinary loss on early extinguishment
of debt, net of tax - - -
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Net income (loss) per common share $ 0.34 $ (0.35) $ (0.67)
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Fully diluted:
Net income (loss) per common share before
extraordinary loss $ 0.34 $ (0.35) $ (0.67)
Extraordinary loss on early extinguishment
of debt, net of tax - - -
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Net income (loss) per common share $ 0.34 $ (0.35) $ (0.67)
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COMPUTATION OF WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING
Year 7/1/96 7/1/97
Ended Through Through
6/30/97 9/26/96 9/25/97
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Weighted average common shares
outstanding during the period 7,556,695 8,834,677 6,243,009
SAB 83 transactions 201,556 201,556 201,556
Assuming exercise of options
using the Treasury Stock Method 609,296
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Weighted average number of
common shares outstanding
as adjusted; Primary shares 8,367,547 9,038,233 6,444,565
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Incremental additional shares upon
the exercise of options using the
end of period price 227,183
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Weighted average number of
common shares outstanding
as adjusted; Fully diluted shares 8,594,730 9,036,233 6,444,565
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COMPUTATION OF NET INCOME
Supplemental Pro Forma
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Year 7/1/97
Ended Through
6/30/97 9/25/97
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Net income (loss) for computing (loss)
per common share
Income (loss) before extraordinary loss $1,987 $(4,378)
(including effect of interest savings from
the offering)
Dividends on preferred stock (5,200) (1,300)
Accretion of preferred and common stock
to liquidation value (1,000) (250)
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Net loss available to common stockholders $(4,213) $(5,928)
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Primary:
Net income (loss) per common share before
extraordinary loss $ (0.66) $ (0.93)
Extraordinary loss on early extinguishment
or debt, net of tax - -
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Net income (loss) per common share $ (0.66) $ (0.93)
Fully diluted:
Net income (loss) per common share before
extraordinary loss $ (0.66) $ (0.93)
Extraordinary loss on early extinguishment
of debt, net of tax - -
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Net income (loss) per common share $ (0.66) $ (0.93)
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COMPUTATION OF WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING
Year 7/1/97
Ended Through
6/30/97 9/25/97
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Weighted average common shares
outstanding during the period 6,197,801 6,203,662
SAB 83 transactions 201,556 201,556
Assuming exercise of options
using the Treasury Stock Method
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Weighted average number of
common shares outstanding
as adjusted; Primary shares 6,399,357 6,405,218
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--------- ---------
Incremental additional shares upon
the exercise of options using the
end of period price
--------- ---------
Weighted average number of
common shares outstanding
as adjusted; Fully diluted shares 6,399,357 6,405,218
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Supplemental
Supplemental Pro forma
Pro forma 07/01/97
Year Ended through
06/30/97 09/25/97
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(Unaudited) (Unaudited)
Earnings:
Pretax income from continuing operations $ 3,612 $ (7,963)
Total Fixed Charges 13,581 3,539
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Total Earnings (1) $17,193 $ (4,424)
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Fixed Charges:
Interest expense, including amortization of deferred financing fees 12,004 2,871
Interest element of rentals (2) 1,577 668
Total Fixed Charges (1) $13,581 $ 3,539
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Redeemable Preferred Stock:
Dividends 5,200 1,300
Accretion to liquidation value 750 188
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5,950 1,488
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Gross up (Dividends) to pretax on 45% effective tax rate $10,205 $ 2,552
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Redeemable Common Stock:
Accretion to liquidation value $ 250 $ 62
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Ratio of Earnings to Fixed Charges 1.27 --
Dollar Deficiency of Earnings to Fixed Charges $ (7,963)
Ratio of Earnings to Fixed Charges, Redeemable -- --
Preferred Dividends and Accretion to Liquidation Value,
and Redeemable Common Stock Accretion to Liquidation Value
Dollar Deficiency of Earnings to Fixed Charges, Redeemable
Preferred Dividends and Accretion to Liquidation Value,
and Redeemable Common Stock Accretion to Liquidation Value $(6,843) $(10,577)
Note:
1. In computing the ratio of earnings to fixed charges: (a) "earnings" have
been based on income from continuing operations before income taxes and
fixed charges and (b) "fixed charges" consists of interest expense,
including amortization of deferred financing fees and the estimated
interest portion of rents.
2. The interest portion of rent expense was assumed to be one-third of the
total rental expense.
3. For the year ended December 31, 1992, the periods from January 1, 1993
through February 26, 1993 and March 1, 1993 through December 31, 1993,
and year ended December 31, 1994 and the period January 1, 1995 through
September 8, 1995, earnings are inadequate to cover fixed charges.
4. On February 28, 1993, and September 8, 1995 changes in ownership
occurred which resulted in a change in basis of accounting. The ownership
changes were accounted for under the purchase method.
5. Supplemental pro forma information is included for the year ended
June 30, 1997 and the period from July 1, 1997 through September 25,
1997 to reflect the recapitalization of the Company, all of the
acquisitions and the effects from the Unit Offering all as if they
occurred on the first day of the period presented.