1 EXHIBIT 11.1 INTEVAC, INC. COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED NINE MONTHS ENDED ------------------------------- ------------------------------- SEPTEMBER 27, SEPTEMBER 28, SEPTEMBER 27, SEPTEMBER 28, 1997 1996 1997 1996 ------------- ------------- ------------- ------------- PRIMARY EARNINGS PER SHARE: Shares used in Calculation of Net Income Per Share: Average common shares outstanding.... 12,586 12,314 12,541 12,273 Net effect of dilutive stock options........................... 518 642 556 585 ------- ------- ------- ------- Total equivalent common shares....... 13,104 12,956 13,097 12,858 ======= ======= ======= ======= Net income (loss)...................... $ 1,931 $ 2,799 $ 8,924 $ 1,471 ======= ======= ======= ======= Net income (loss) per share............ $ 0.15 $ 0.22 $ 0.68 $ 0.11 ======= ======= ======= ======= FULLY DILUTED EARNINGS PER SHARE: Shares used in Calculation of Net Income Per Share: Average common shares outstanding.... 12,586 12,315 12,541 12,273 Net effect of dilutive stock options........................... 552 712 568 608 Conversion of convertible debt....... -- -- 2,196 -- ------- ------- ------- ------- Total equivalent common shares..................... 13,138 13,027 15,305 12,881 ======= ======= ======= ======= Net income (loss)...................... $ 1,931 $ 2,799 $ 8,924 $ 1,471 Add interest expense, net of tax effect on convertible debt.................. -- -- 1,324 -- ------- ------- ------- ------- Adjusted net income (loss)............. $ 1,931 $ 2,799 $10,248 $ 1,471 ======= ======= ======= ======= Net income (loss) per share............ $ 0.15 $ 0.21 $ 0.67 $ 0.11 ======= ======= ======= ======= 24