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
                                                   ----------        ----------
                                                   ----------        ----------