EXHIBIT 11.1 AMERICAN ECOLOGY CORPORATION STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Primary Computation Fully Diluted Computation ---------------------------- ---------------------------- Three Months Ended March 31, Three Months Ended March 31, ---------------------------- ---------------------------- 1995 1994 1995 1994 ------------- ----------- ------------- ----------- Net income (loss) $(1,897) $ 49 $(1,897) $ 49 ======= ====== ======= ====== Weighted average shares outstanding: Common shares outstanding at end of period 7,819 7,819 7,819 7,819 Effect of using weighted average common and common equivalent shares outstanding -- (24) -- (24) Effect of shares issuable under stock option plans based on the treasury stock method -- 20 -- 25 ------- ------ ------- ------ Shares used in computing earnings (loss) per share 7,819 7,815 7,819 7,820 ======= ====== ======= ====== Earnings (loss) per share $ (0.24) $0.01 $ (0.24) $ 0.01 ======= ====== ======= ======