Exhibit 11.1
CYANOTECH CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Fiscal years ended March 31,
1997 1996 1995
----------- ----------- -----------
Net Income $ 4,159,000 $ 2,509,000 $ 769,000
Less: requirement
for preferred stock dividends -- -- 60,600
----------- ----------- -----------
Net income available to common $ 4,159,000 $ 2,509,000 $ 708,400
stockholders ----------- ----------- -----------
----------- ----------- -----------
Earnings per Share: (1)
- -----------------------
Weighted Average Common Shares
Outstanding 12,583,000 9,833,000 8,894,000
Weighted Average Common Equivalent
Shares Outstanding 4,015,000 4,715,000 4,695,000
----------- ----------- -----------
Weighted Average Common and Common
Equivalent Shares Outstanding 16,598,000 14,548,000 13,589,000
----------- ----------- -----------
----------- ----------- -----------
Net Income per Common and Common $ 0.25 $ 0.17 $ 0.05
Equivalent Shares ----------- ----------- -----------
----------- ----------- -----------
(1) There was no difference between the computation of earnings per share
on a primary versus fully-diluted basis; accordingly, dual presentation
is not required.