EXHIBIT 11.1 UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE March 31, 1996 March 31, 1995 March 31, 1994 Per Per Per Amount Share Amount Share Amount Share PRIMARY: Average shares outstanding 3,245,587 3,242,595 3,237,608 Dilutive stock options based on the treasury stock method using the average market price * * * Adjusted shares outstanding 3,245,587 3,242,595 3,237,608 Net (loss) income $(1,098,817) $(.34) $(1,296,426) $(.40) $ 36,931 $.01 *The effect of common stock equivalents and other potentially dilutive securities is not presented for 1996, 1995 and 1994 because their effect in year of a net loss is antidilutive. EXHIBIT 11.1 UNIVERSAL SECURITY INSTRUMENTS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE March 31, 1996 March 31, 1995 March 31, 1994 Per Per Per Amount Share Amount Share Amount Share FULLY DILUTED: Average shares outstanding 3,245,587 3,242,595 3,237,608 Dilutive stock options based on the treasury stock method using year-end market price if higher than the average market price * * * Adjusted shares oustanding 3,245,587 3,242,595 3,237,608 Net (loss) income $(1,098,817) $(.34) $(1,296,426) $(.40) $ 36,931 $.01 *The effect of common stock equivalents and other potentially dilutive securities is not presented for 1996, 1995 and 1994 because their effect in that year of a net loss is antidilutive.