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