Exhibit 11.1
EMCORE CORPORATION
STATEMENT OF COMPUTATION OF PER SHARE AMOUNTS
FOR THE YEARS ENDED SEPTEMBER 30, 1995, 1996 AND 1997
(Unaudited)
(in thousands, except per share amounts)
TWELVE MONTHS
ENDED SEPTEMBER 30,
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1995 1996 1997
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Income (loss) before extraordinary item....................... $1,516 $(3,176) $(5,333)
Extraordinary loss............................................ (286)
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Net income (loss)............................................. $1,516 $(3,176) $(5,619)
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Primary earnings per share calculation:
Weighted average shares outstanding:
Common stock............................................. 1,619 2,994 4,669
Common stock equivalent(1)............................... 1,526 1,444 361
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Primary weighted average common shares and equivalents........ 3,145 4,438 5,030
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Income (loss) before extraordinary item....................... $0.48 $(0.72) $(1.06)
Extraordinary loss............................................ (0.06)
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Net income (loss) per share................................... $0.48 $(0.72) $(1.12)
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Fully diluted earnings per share calculation: (2)
Weighted average shares outstanding:
Common stock............................................. 1,619 2,994 4,669
Common stock equivalent(1)............................... 1,526 1,444 361
Fully diluted weighted average common shares and equivalents.. 3,145 4,438 5,030
================ ================= ================
Income (loss) before extraordinary item....................... $0.48 $(0.72) $(1.06)
Extraordinary loss............................................ (0.06)
---------------- ----------------- ----------------
Net income (loss) per share................................... $0.48 $(0.72) $(1.12)
================ ================= ================
Under the provisions of Securities and Exchange Commission Staff Bulletin
No. 64 ("SAB" No. 64), common stock and common stock equivalents issued by
the company within one year or in contemplation of the Company's offering
are treated as if they were outstanding for all periods presented prior to
the Company's IPO. After the IPO is effective, the determination of common
stock and equivalents has been determined on basis consistent with APB
Opinion No. 15, which states "outstanding options and warrants should be
included in the EPS computation only if they have a dilutive effect."
This calculation is submitted in accordance with Securities Exchange Act of
1934 Release No. 9083 although not required by footnote 2 of paragraph 14
of APB Opinion No. 15 because it results in dilution of less than 3%.