1 EXHIBIT 11.1 INTEVAC, INC. COMPUTATION OF NET INCOME PER SHARE (UNAUDITED) THREE MONTHS ENDED ------------------------- MARCH 29, MARCH 30, 1997 1996 --------- --------- (IN THOUSANDS, EXCEPT PER SHARE DATA) PRIMARY EARNINGS PER SHARE: Shares used in Calculation of Net Income Per Share: Average common shares outstanding.................................. 12,505 12,249 Net effect of dilutive stock options............................... 609 382 ------- ------- Total equivalent common shares..................................... 13,114 12,631 ======= ======= Net income........................................................... $ 3,416 $ 1,897 ======= ======= Net income per share................................................. $ 0.26 $ 0.15 ======= ======= FULLY DILUTED EARNINGS PER SHARE(1): Shares used in Calculation of Net Income Per Share: Average common shares outstanding.................................. 12,505 12,249 Net effect of dilutive stock options............................... 609 382 Conversion of convertible debt..................................... 1,014 -- ------- ------- Total equivalent common shares..................................... 14,128 12,631 ======= ======= Net income........................................................... $ 3,416 $ 1,897 Add interest expense, net of tax effect on convertible debt.......... 198 -- ------- ------- Adjusted net income.................................................. $ 3,614 $ 1,897 ======= ======= Net income per share................................................. $ 0.26 $ 0.15 ======= ======= - --------------- (1) Fully diluted earnings per share are not presented on the face of the Condensed Consolidated Statements of Income since they are not materially different from primary earnings per share.