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, 1996 1995 1996 1995 Primary Earnings Per Share Net income $ 27,743 $ 65,542 $116,523 $166,547 Average common and common equivalent shares: Average common shares outstanding 128,524 127,648 129,176 120,509 Dilutive options 1,700 4,475 2,347 4,135 130,224 132,123 131,523 124,644 Earnings per common and common equivalent share $ 0.21 $ 0.50 $ 0.89 $ 1.34 Fully Diluted Earnings Per Share Net income $ 27,743 $ 65,542 $116,523 $166,547 Interest expense on convertible subordinated debt, net of tax effect 1,542 1,542 4,625 4,625 Adjusted net income $ 29,285 $ 67,084 $121,148 $171,172 Average common and common equivalent shares on a fully diluted basis: Average common shares outstanding 128,524 127,648 129,176 120,509 Convertible subordinated debt 11,734 11,734 11,734 11,734 Dilutive options 1,842 4,746 2,349 4,989 142,100 144,128 143,259 137,232 Fully diluted earnings per common and common equivalent share $ 0.21 $ 0.47 $ 0.85 $ 1.25