EXHIBIT 11.1 CAROLCO PICTURES INC. COMPUTATION OF EARNINGS PER COMMON SHARE Three Months Ended March 31, 1993 1994 -------------------- Weighted average shares outstanding 30,623,569 140,015,109 Less Treasury shares (536,438) (2,327,381) ---------- ----------- Total 30,087,131 137,687,728 ========== =========== Income (oss from continuing operations $(6,781,000) $(2,031,000) Preferred Dividends 0 (1,046,000) ---------- ---------- Income (loss) from continuing operations attributable to common shares $(6,781,000) $(3,077,000) ========== ========= Income (loss) from continuing operations per common share $(0.23) $(0.02) ========== ========= Extraordinary gain $0 0 ========== ========= Income per share from extraordinary gain $0.00 $0.00 ========== ========= Net income (loss) $(6,781,000) $(2,031,000) Preferred Dividends 0 (1,046,000) ---------- --------- Net income (loss) attributable to common shares $(6,781,000) $(3,077,000) ========== ========== Net income (loss) per common share $(0.23) $(0.02) ========== ==========