EXHIBIT 11.1
COMPUTATION OF NET INCOME PER COMMON SHARE
Historical
----------------------------------------
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
------- ------- ------- -------
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)
------ ------ ------ -------
Net income (loss) $2,788 $2,840 $ (820) $(3,691)
------ ------ ------ -------
------ ------ ------ -------
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) - -
------ ------ ------ -------
Net income (loss) per common share $ 0.48 $ 0.41 $(0.12) $ (0.57)
------ ------ ------ -------
------ ------ ------ -------
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) - -
------ ------ ------ -------
Net income (loss) per common share $ 0.48 $ 0.39 $(0.12) $ (0.57)
------ ------ ------ -------
------ ------ ------ -------
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
--------- --------- --------- ---------
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
--------- --------- --------- ---------
Weighted average number of
common shares outstanding
as adjusted; Primary shares 5,794,702 7,019,587 6,972,656 6,429,605
--------- --------- --------- ---------
--------- --------- --------- ---------
Incremental additional shares upon
the exercise of options using the
end of period price 227,183
--------- --------- --------- ---------
Weighted average number of
common shares outstanding
as adjusted; Fully diluted shares 5,794,702 7,246,770 6,972,656 6,429,605
--------- --------- --------- ---------
--------- --------- --------- ---------
COMPUTATION OF NET INCOME
Pro Forma
---------
Year 7/1/96 7/1/97
Ended Through Through
6/30/97 9/26/96 9/25/97
------- ------- -------
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
------ ------- -------
Net income (loss) $2,881 $(3,166) $(4,338)
------ ------- -------
------ ------- -------
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 - - -
------ ------- -------
Net income (loss) per common share $ 0.34 $ (0.35) $ (0.67)
------ ------- -------
------ ------- -------
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 - - -
------ ------- -------
Net income (loss) per common share $ 0.34 $ (0.35) $ (0.67)
------ ------- -------
------ ------- -------
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
--------- --------- ---------
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
--------- --------- ---------
Weighted average number of
common shares outstanding
as adjusted; Primary shares 8,367,547 9,038,233 6,444,565
--------- --------- ---------
--------- --------- ---------
Incremental additional shares upon
the exercise of options using the
end of period price 227,183
--------- --------- ---------
Weighted average number of
common shares outstanding
as adjusted; Fully diluted shares 8,594,730 9,036,233 6,444,565
--------- --------- ---------
--------- --------- ---------
COMPUTATION OF NET INCOME
Supplemental Pro Forma
-------------------
Year 7/1/97
Ended Through
6/30/97 9/25/97
------- --------
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)
------- -------
Net loss available to common stockholders $(4,213) $(5,928)
------- -------
------- -------
Primary:
Net income (loss) per common share before
extraordinary loss $ (0.66) $ (0.93)
Extraordinary loss on early extinguishment
or debt, net of tax - -
------- -------
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 - -
------- -------
Net income (loss) per common share $ (0.66) $ (0.93)
------- -------
------- -------
COMPUTATION OF WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING
Year 7/1/97
Ended Through
6/30/97 9/25/97
--------- ---------
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
--------- ---------
Weighted average number of
common shares outstanding
as adjusted; Primary shares 6,399,357 6,405,218
--------- ---------
--------- ---------
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
--------- ---------
--------- ---------