<PAGE>   1
                                                                   EXHIBIT 11.1 


                   COMPUTATION OF DILUTED NET INCOME PER SHARE

<TABLE>
<CAPTION>
                                                                 THREE MONTHS ENDED
                                                                 SEPTEMBER 30, 1998
                                                                 ------------------
<S>                                                     <C>              <C> 
CALCULATION OF DILUTED NET INCOME PER SHARE                              
  AT SEPTEMBER 30, 1998 

Weighted average common shares                                            5,296,016
Conversion of Preferred Stock to Common Stock                                       
Common stock options outstanding using the                                          
  treasury stock method                                                     119,548
                                                                         ---------- 
Total diluted weighted average common shares                                        
  outstanding                                                             5,415,564
Net income                                                               $  866,365
                                                                                    
Diluted net income per share                                                   0.16
                                                                         ========== 

Common Stock Options                                        339,425                 
Weighted average exercise price                         $      4.39                 
                                                        -----------                 
Gross proceeds                                            1,490,076                 
Repurchase price                                        $      6.78                 
                                                        -----------                 
Shares repurchased                                          219,877                 
                                                        -----------                 
                                                                                    
Net shares                                                  119,548                 
                                                        ===========                 
</TABLE> 


<TABLE>                                                
<CAPTION>
                                                                 THREE MONTHS ENDED
                                                                 SEPTEMBER 30, 1997
                                                                 ------------------
<S>                                                     <C>              <C> 
CALCULATION OF DILUTED NET INCOME PER SHARE                                
  AT SEPTEMBER 30, 1997   

Weighted average common shares                                            1,331,976
Conversion of Preferred Stock to Common Stock                             2,667,002
Common stock options outstanding using the                                          
  treasury stock method                                                     103,531
                                                                         ----------
Total diluted weighted average common shares                                        
  outstanding                                                             4,102,509
Net income                                                                $ 656,945
                                                                                    
Diluted net income per share                                                   0.16
                                                                         ==========
                                                                                    
Common Stock Options                                        375,112                 
Weighted average exercise price                         $      3.62                 
                                                        -----------                 
Gross proceeds                                            1,357,905                 
Repurchase price                                        $      5.00                 
                                                        -----------                 
Shares repurchased                                          271,581                 
                                                        -----------                 

Net shares                                                  103,531                 
                                                        ===========                 
</TABLE>