Exhibit 11.1 LSI LOGIC CORPORATION CALCULATION OF EARNINGS PER SHARE (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 1995 1994 Primary Earnings Per Share Net income $ 45,260 $ 19,355 Average common and common equivalent shares: Average common shares outstanding 117,222 100,050 Dilutive options 3,548 3,212 120,770 103,262 Earnings per common and common equivalent share $ 0.37 $ 0.19 Fully Diluted Earnings Per share Net income $ 45,260 $19,355 Interest expense on convertible subordinated debt, net of tax effect 1,525 1,292 Adjusted net income $ 46,785 $20,647 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 117,223 100,052 Convertible subordinated note 11,735 11,780 Dilutive options 3,682 3,333 132,630 115,165 Fully diluted earnings per common and common equivalent share $ 0.31 $ 0.18 On May 12, 1995, the Company's Board of Directors approved a stock dividend in the form of a two-for-one stock split which will be effective May 23, 1995. Share information for all periods presented has been retroactively adjusted to reflect this stock split.