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. 1996 1995 1996 1995 Primary Earnings Per Share Net income $ 46,496 $ 55,745 $ 88,780 $101,005 Average common and common equivalent shares: Average common shares outstanding 129,019 121,824 129,106 119,530 Dilutive options 2,605 4,031 2,641 3,783 131,624 125,855 131,747 123,313 Earnings per common and common equivalent share $ 0.35 $ 0.44 $ 0.67 $ 0.82 Fully Diluted Earnings Per Share Net income $ 46,496 $ 55,745 $ 88,780 $101,005 Interest expense on convertible subordinated debt, net of tax effect 1,542 1,542 3,083 3,083 Adjusted net income $ 48,038 $ 57,287 $ 91,863 $104,088 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 129,019 121,824 129,106 119,530 Convertible subordinated debt 11,735 11,735 11,735 11,735 Dilutive options 2,605 4,380 2,645 4,424 143,359 137,939 143,486 135,689 Fully diluted earnings per common and common equivalent share $ 0.34 $ 0.42 $ 0.64 $ 0.77