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EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Net Income Per Share
Net income per share is computed using the weighted average number of
common and dilutive shares outstanding during the period. A reconciliation of
the numerators and denominators of the basic and diluted per-share computations
follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
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1998 1999 2000
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<S> <C> <C> <C>
BASIC
Numerator:
Net income $ 7,931,000 $12,694,000 $20,555,000
Preferred stock dividends 200,000 -- --
----------- ----------- -----------
$ 7,731,000 $12,694,000 $20,555,000
=========== =========== ===========
Denominator:
Weighted average common
stock outstanding 17,511,508 20,504,290 21,260,163
=========== =========== ===========
Net income per share $ 0.44 $ 0.62 $ 0.97
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DILUTED
Numerator:
Net income $ 7,931,000 $12,694,000 $20,555,000
=========== =========== ===========
Denominator:
Weighted average common 17,511,508 20,504,290 21,260,163
stock outstanding
Other Dilutive Securities:
Series B preferred stock 2,222,222 73,260 --
Options and warrants using the
treasury stock method 2,968,108 2,798,652 2,977,053
----------- ----------- -----------
Weighted average shares outstanding 22,701,838 23,376,202 24,237,216
=========== =========== ===========
Net income per share $ 0.35 $ 0.54 $ 0.85
=========== =========== ===========
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