EXHIBIT 11.1 AMERICAN ECOLOGY CORPORATION STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Primary Computation Fully Diluted Computation ---------------------------------------------- ----------------------------------------- Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, ------------------------ -------------------- ------------------- ------------------ 1995 1994 1995 1994 1995 1994 1995 1994 ---------- ---------- ---------- ------- ------- ------ -------- -------- Net income (loss) $(32,488) $1,474 $(34,385) $1,523 $(32,488) $1,474 $(34,385) $1,523 ======== ====== ======== ====== ======== ====== ======== ====== Weighted average shares outstanding: Common shares outstanding at end of period 7,826 7,819 7,826 7,819 7,826 7,819 7,826 7,819 Effect of using weighted average common common equivalent shares outstanding (5) -- (6) (12) (5) -- (6) (12) Effect of shares issuable under stock option plans based on the treasury stock method -- 11 -- 15 -- 11 -- 18 -------- ------ -------- ------ -------- ------ -------- ------ Shares used in computing earnings (loss) per share 7,821 7,830 7,820 7,822 7,821 7,830 7,820 7,825 ======== ====== ======== ====== ======== ====== ======== ====== Earnings (loss) per share $ (4.15) $ 0.19 $ (4.40) $0.19 $ (4.15) $ 0.19 $ (4.40) 0.19 ======== ====== ======== ====== ======== ====== ======== ======