Exhibit 11.1 DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES Statement of Computation of Earnings per Share (Unaudited) THREE-MONTH PERIOD ENDED JUNE 30, ------------------------- 1996 1995 ------------ ---------- Net earnings $ 1,024,000 1,135,000 Less: earnings attributed to holders of stock options in a subsidiary of the Company (assuming exercise) ---- 13,000 ------------ ---------- Net earnings available to common stockholders $ 1,024,000 1,122,000 ------------ ---------- ------------ ---------- Weighted average common stock outstanding 9,247,000 9,242,000 Common stock equivalents - stock options 78,000 43,000 ------------ ---------- 9,325,000 9,285,000 ------------ ---------- ------------ ---------- Net earnings per share $ 0.11 0.12 ------------- ---------- ------------- ---------- SIX-MONTH PERIOD ENDED JUNE 30, ------------------------- 1996 1995 ------------ ---------- Net earnings $ 2,503,000 5,848,000 Less: earnings attributed to holders of stock options in a subsidiary of the Company (assuming exercise) ---- 37,000 ------------ ---------- Net earnings available to common stockholders $ 2,503,000 5,811,000 ------------ ---------- ------------ ---------- Weighted average common stock outstanding 9,245,000 9,405,000 Common stock equivalents - stock options 61,000 42,000 ------------ ---------- 9,306,000 9,447,000 ------------ ---------- ------------ ---------- Net earnings per share $ 0.27 0.62 ------------ ---------- ------------ ----------