Exhibit 11.1 LSI LOGIC CORPORATION CALCULATION OF EARNINGS PER SHARE (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 1994 1993 1994 1993 Primary Earnings Per Share Net income $23,438 $13,070 $42,793 $23,685 Average common and common equivalent shares: Average common shares outstanding 51,492 47,194 50,343 46,447 Dilutive options 1,620 1,680 1,606 1,690 53,112 48,874 51,949 48,137 Earnings per common and common equivalent share $ 0.44 $ 0.27 $ 0.82 $ 0.49 Fully Diluted Earnings Per share Net income $23,438 $42,793 Interest expense on convertible subordinated debt, net of tax effect 2,514 3,843 Adjusted net income $25,952 $46,636 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 51,492 50,343 Convertible subordinated debt 10,779 8,334 Dilutive options 1,780 1,668 64,051 60,345 Fully diluted earnings per common and common equivalent share $ 0.41 $ 0.77