EXHIBIT 11.1 CAROLCO PICTURES INC. COMPUTATION OF EARNINGS PER COMMON SHARE Three Months Ended June 30, Six Months Ended June 30, 1994 1995 1994 1995 -------------------------- ------------------------ Weighted average shares outstanding 140,015,109 140,015,109 140,015,109 140,015,109 Less Treasury shares (2,327,381) (2,327,381) (2,327,381) (2,327,381) ------------ ------------ ------------ ------------ Total 137,687,728 137,687,728 137,687,728 137,687,728 ============ ============ ============ ============ Loss before extraordinary item ($21,191,000) ($4,722,000) ($23,222,000) ($12,428,000) Preferred Dividends (1,061,000) (1,106,000) (2,106,000) (2,201,000) ------------ ------------ ------------- ------------ Loss before extraordinary item attributable to common shares ($22,252,000) ($5,828,000) ($25,328,000) ($14,629,000) ============= ============ ============= ============ Loss before extraordinary item per common share $(0.16) ($0.04) ($0.18) ($0.11) ============= ============ ============= ============ Income from Extraordinary Gain $0 $4,642,000 $0 $6,779,000 ============= ============ ============= ============ Income from Extraordinary Gain per common share $0.00 $0.03 $0.00 $0.05 ============ ============ ============= ============ Net loss ($21,191,000) ($80,000) ($23,222,000 ($5,649,000) Preferred Dividends (1,061,000) (1,106,000) (2,106,000) (2,201,000) ------------- ------------ ------------- ------------ Net loss attributable to common shares ($22,252,000) ($1,186,000) ($25,328,000) ($7,850,000) ============= ============ ============= ============ Net loss per common share ($0.16) ($0.01) ($0.18) ($0.06) ============= ============ ============= ============ Page 32