EXHIBIT 11.1 LSI LOGIC CORPORATION CALCULATION OF EARNINGS PER SHARE (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 1996 1995 Primary Earnings Per Share Net income $ 42,284 $ 45,260 Average common and common equivalent shares: Average common shares outstanding 129,193 117,222 Dilutive options 2,581 3,548 131,774 120,770 Earnings per common and common equivalent share $ 0.32 $ 0.37 Fully Diluted Earnings Per share Net income $ 42,284 $ 45,260 Interest expense on convertible subordinated debt, net of tax effect 1,542 1,525 Adjusted net income $ 43,826 $ 46,785 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 129,193 117,223 Convertible subordinated debt 11,734 11,734 Dilutive options 2,582 3,683 143,509 132,640 Fully diluted earnings per common and common equivalent share $ 0.31 $ 0.35 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.