1 EXHIBIT 11.1 CORVEL CORPORATION COMPUTATION OF PER SHARE EARNINGS Shares used in per share calculations were determined as follows: Three months ended September 30, ---------------------------- 1997 1998 ---------- ---------- Weighted shares for basic earnings per share computation 4,195,000 4,066,000 Net effect of dilutive common stock options 106,000 57,000 ---------- ---------- Weighted shares for diluted earnings per share 4,301,000 4,123,000 ========== ========== NET INCOME $2,381,000 $2,556,000 ========== ========== BASIC EARNINGS PER SHARE $ .57 $ .63 ========== ========== DILUTED EARNINGS PER SHARE $ .55 $ .62 ========== ========== Six months ended September 30, ---------------------------- 1997 1998 ---------- ---------- Weighted shares for basic earnings per share 4,240,000 4,086,000 Net effect of dilutive common stock options 93,000 60,000 ---------- --------- Weighted shares for diluted earnings per share 4,333,000 4,146,000 ========== ========== NET INCOME $4,656,000 $5,057,000 ========== ========== BASIC EARNINGS PER SHARE $ 1.10 $ 1.24 ========== ========== DILUTED EARNINGS PER SHARE $ 1.07 $ 1.22 ========== ========== Page 13 of 13