Exhibit 11.1 LSI LOGIC CORPORATION CALCULATION OF EARNINGS PER SHARE (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 1994 1993 1994 1993 Primary Earnings Per Share Net income $29,468 $14,375 $72,261 $38,060 Average common and common equivalent shares: Average common shares outstanding 54,640 48,425 51,799 47,106 Dilutive options 1,754 1,824 1,697 1,830 56,394 50,249 53,496 48,936 Earnings per common and common equivalent share $ 0.52 $ 0.29 $ 1.35 $ 0.78 Fully Diluted Earnings Per Share Net income $29,468 $72,261 Interest expense on convertible subordinated debt, net of tax effect 1,780 5,651 Adjusted net income $31,248 $77,912 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 56,119 55,529 Convertible subordinated debt 5,867 4,238 Dilutive options 1,952 2,119 63,938 61,886 Fully diluted earnings per common and common equivalent share $ 0.49 $ 1.26