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, 1995 1994 1995 1994 Primary Earnings Per Share Net income $ 55,745 $ 23,438 $101,005 $42,793 Average common and common equivalent shares: Average common shares outstanding 121,824 102,985 119,530 100,686 Dilutive options 4,031 3,239 3,783 3,212 125,855 106,224 123,313 103,898 Earnings per common and common equivalent share $ 0.44 $ 0.22 $ 0.82 $ 0.41 Fully Diluted Earnings Per share Net income $ 55,745 $ 23,438 $101,005 $42,793 Interest expense on convertible subordinated debt, net of tax effect 1,542 2,514 3,083 3,843 Adjusted net income $ 57,287 $ 25,952 $104,088 $46,636 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 121,824 102,985 119,530 100,686 Convertible subordinated debt 11,735 21,557 11,735 16,668 Dilutive options 4,380 3,560 4,424 3,335 137,939 128,102 135,689 120,689 Fully diluted earnings per common and common equivalent share $ 0.42 $ 0.20 $ 0.77 $ 0.39 On May 12, 1995, the Company's Board of Directors approved a two-for-one stock split in the form of a stock dividend for stockholders of record on May 23, 1995. The payment date was on June 21, 1995. Accordingly, share information for all periods presented has been retroactively adjusted to reflect this stock dividend.