1 EXHIBIT 11.1 INTEVAC, INC. COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED ------------------- ------------------- JUNE 28, JUNE 29, JUNE 28, JUNE 29, 1997 1996 1997 1996 -------- -------- -------- -------- PRIMARY EARNINGS PER SHARE: Shares used in Calculation of Net Income Per Share: Average common shares outstanding....................... 12,534 12,256 12,519 12,252 Net effect of dilutive stock options.................... 540 -- 575 -- ------- ------- ------- ------- Total equivalent common shares.................. 13,074 12,256 13,094 12,252 ======= ======= ======= ======= Net income (loss)......................................... $ 3,577 $ (3,225) $ 6,993 $ (1,328) ======= ======= ======= ======= Net income (loss) per share............................... $ 0.27 $ (0.26) $ 0.53 $ (0.11) ======= ======= ======= ======= FULLY DILUTED EARNINGS PER SHARE: Shares used in Calculation of Net Income Per Share: Average common shares outstanding....................... 12,534 12,256 12,519 12,252 Net effect of dilutive stock options.................... 540 -- 575 -- Conversion of convertible debt.......................... 2,788 -- 1,901 -- ------- ------- ------- ------- Total equivalent common shares.................. 15,862 12,256 14,995 12,252 ======= ======= ======= ======= Net income (loss)......................................... $ 3,577 $ (3,225) $ 6,993 $ (1,328) Add interest expense, net of tax effect on convertible 563 -- 761 -- debt.................................................... ------- ------- ------- ------- Adjusted net income (loss)................................ $ 4,140 $ (3,225) $ 7,754 $ (1,328) ======= ======= ======= ======= Net income (loss) per share............................... $ 0.26 $ (0.26) $ 0.52 $ (0.11) ======= ======= ======= ======= 2