EXHIBIT 11.1 AMERICAN ECOLOGY CORPORATION STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Primary Computation Fully Diluted Computation ------------------------------------- -------------------------------------- Three Months Six Months Three Months Six Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, ----------------- ----------------- ----------------- ------------------ 1995 1994 1995 1994 1995 1994 1995 1994 ------- ------ -------- ------ ------- ------ ------- ------ Net income (loss) $(2,232) $1,069 $(36,617) $2,592 $(2,232) $1,069 $(36,617) $2,592 ======= ====== ======== ====== ======= ====== ======== ====== 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 and common equivalent shares outstanding -- -- (4) -- -- -- (4) -- Effect of shares issuable under stock option plans based on the treasury stock method -- 4 -- 11 -- 4 -- 13 ------- ------ -------- ------ ------- ------ -------- ------ Shares used in computing earnings (loss) per share 7,826 7,823 7,822 7,830 7,826 7,823 7,822 7,832 ======= ====== ======== ====== ======= ====== ======== ====== Earnings (loss) per share $ (0.29) $ 0.14 $ (4.68) $ 0.33 $ (0.29) $ 0.14 $ (4.68) $ 0.33 ======= ====== ======== ====== ======= ====== ======== ======