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EXHIBIT 11.1
                            THE CERPLEX GROUP, INC.

                  EXHIBIT TO CONSOLIDATED FINANCIAL STATEMENTS
                   COMPUTATION OF NET INCOME (LOSS) PER SHARE
                     (in thousands, except per share data)





                                                                          Three months ended March 31  
                                                                          ---------------------------
                                                                            1996             1995     
                                                                           ------           -------
                                                                                      
WEIGHTED AVERAGE COMMON AND                                                                  
COMMON SHARES EQUIVALENT SHARES                                                              
OUTSTANDING                                                                                  

     Average common stock outstanding                                      13,174            13,062
     Dilutive stock options and warrants                                                     
      based on the treasury stock method                                                     
      using the average price(1)                                                              1,366
                                                                          -------           -------
           Total                                                           13,174            14,428
                                                                          =======           =======
                                                                                             
COMPOSITION OF NET INCOME                                                                    
                                                                                             
     Income (loss) from continuing operations                             $(1,573)          $   789
     Income from discontinued operations                                                         41
                                                                          -------           -------
     Net Income                                                           $(1,573)          $   830
                                                                          =======           =======
                                                                                             
PER SHARE DATA                                                                               
                                                                                             
     Continuing operations                                                $  (.12)          $   .06
     Discontinued operations                                                                 
                                                                          -------           -------
     Net income per share                                                 $  (.12)          $   .06
                                                                          =======           =======



(1)    Stock options and warrants were not assumed to be converted under the
       treasury stock method for the three month period ended March 31, 1996
       because their effect would be anti-dilutive.





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