Exhibit 11.1 GULFSTREAM AEROSPACE CORPORATION Schedule Regarding Computation of Per Share Income (Loss) (In thousands, except per share amounts) SIX MONTHS ENDED YEAR ENDED JUNE 30, DECEMBER 31, -------------------- 1995 1995 1996 -------------- --------- --------- Pro Forma for 1996 Recapitalization: Net Income - historical................................................. $ 28,894 $ 7,839 $ 15,359 Pro forma, for 1996 Recapitalization, adjustments: Interest expense...................................................... (14,693) (9,315) (9,112) -------------- --------- --------- Pro forma, for 1996 Recapitalization, net income (loss)................. $ 14,201 $ (1,476) $ 6,247 -------------- --------- --------- -------------- --------- --------- Average shares issued and outstanding..................................... 65,225 65,225 65,225 Exercise of certain stock options with the Offerings...................... 2,127 2,127 2,127 Incremental shares applicable to stock options outstanding after the exercise of certain stock options with the Offerings..................... 6,093 6,093 6,093 -------------- --------- --------- Pro forma, for 1996 Recapitalization, weighted average number of common and common equivalent shares............................................. 73,445 73,445 73,445 Pro forma, shares issued pursuant to the Offerings........................ 4,783 4,783 4,783 -------------- --------- --------- Pro forma, for 1996 Recapitalization and Offerings, weighted average number of common and common equivalent shares............................ 78,228 78,228 78,228 -------------- --------- --------- -------------- --------- --------- Pro forma, for 1996 Recapitalization and Offerings, net income (loss) per common and common equivalent share....................................... $ 0.18 $ (0.02) $ 0.08 -------------- --------- --------- -------------- --------- --------- Note: Shares and stock options issued subsequent to June 30, 1995 are treated as outstanding for all reported periods.