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, 1995 1994 1995 1994 Primary Earnings Per Share Net income $ 65,542 $ 29,468 $166,547 $ 72,261 Average common and common equivalent shares: Average common shares outstanding 127,648 109,280 120,509 103,598 Dilutive options 4,475 3,508 4,135 3,394 132,123 112,788 124,644 106,992 Earnings per common and common equivalent share $ 0.50 $ 0.26 $ 1.34 $ 0.68 Fully Diluted Earnings Per share Net income $ 65,542 $ 29,468 $166,547 $ 72,261 Interest expense on convertible subordinated debt, net of tax effect 1,542 1,780 4,625 5,651 Adjusted net income $ 67,084 $ 31,248 $171,172 $ 77,912 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 127,648 112,238 120,509 111,058 Convertible subordinated debt 11,734 11,734 11,734 8,476 Dilutive options 4,746 3,904 4,989 4,238 144,128 127,876 137,232 123,772 Fully diluted earnings per common and common equivalent share $ 0.47 $ 0.24 $ 1.25 $ 0.63 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.