Exhibit 11.1 DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES Statement of Computation of Earnings per Share (Unaudited) THREE-MONTH PERIOD ENDED MARCH 31, 1996 1995 Net earnings $ 1,479,000 4,713,000 Less: earnings attributed to holders of stock options in a subsidiary of the Company (assuming exercise) ----- 24,000 ---------- ---------- Net earnings available to common stockholders $ 1,479,000 4,689,000 ---------- ---------- ---------- ---------- Weighted average common stock outstanding 9,242,000 9,569,000 Common stock equivalents - stock options 62,000 75,000 ---------- ---------- 9,304,000 9,644,000 ---------- ---------- ---------- ---------- Net earnings per share $ 0.16 0.49 ---------- ---------- ---------- ----------