1 EXHIBIT 11.1 STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE ALIGN-RITE INTERNATIONAL, INC. The computation of net income per share for the three and nine months ended December 31, 1997 and 1996 are as follows: 1997 1996 ----------------------- ------------------------ 3 mos 9 mos 3 mos 9 mos ---------- ---------- ----------- ---------- PRIMARY Net Income $1,480,767 $4,419,254 $1,246,207 $3,960,854 ========== ========== ========== ========== Average common stock outstanding: 4,444,599 4,434,708 4,410,257 4,403,722 Common stock equivalent issuable upon the exercise of options and warrants currently outstanding to purchase Common stock subject to 20% limitation assumed repurchase 426,825 415,667 413,047 419,582 ---------- ---------- ----------- ---------- Sub-Total 4,871,424 4,850,375 4,823,304 4,823,304 Net income per share $ 0.30 $ 0.91 $ 0.26 $ 0.82 ========= ========== =========== ==========